IoT smart lock startup IkinGlobal has raised $2 Mn (₹18. 9 Cr) in a Pre-Series A2 funding round led by Unicorn India Ventures, Callapina Capital and AWE Funds
Founded in 2012 by Nibu Alias, Ikin Global develops IoT-enabled smart locks and security solutions for supply chain and logistics companies
The startup will use the fresh capital to expand globally, accelerate product development, scale manufacturing and strengthen operations
IoT smart lock startup IkinGlobal has raised $2 Mn (about ₹19 Cr) in its pre-Series A2 funding round led by Unicorn India Ventures, Callapina Capital and AWE Funds.
The fresh capital will be utilised to expand into international markets, accelerate product development, scale manufacturing capacity, and strengthen its operations, the startup said in a statement.
Founded in 2012 by Nibu Alias, Ikin Global develops IoT-enabled smart locks and security solutions for supply chain and logistics companies.
Its patented Intelligent Logistics Vehicle Security System (ILVSS) provides features such as real-time tamper alerts, geofencing, remote access controls and audit trails to improve cargo security and operational visibility.
Ikin Global counts Amazon, Swiggy, Flipkart, Zepto and Blue Dart among its customers.
Over the past year, Ikin Global said it increased its smart lock deployments from 2,500 trucks to 10,000 trucks and recorded more than 5 Mn successful lock and unlock cycles. The startup has also conducted trials with customers in the US, the UAE and the UK as it looks to expand internationally.
Alongside the fundraise, Ikin Global launched two new products — iBS Pro, a reusable smart bolt seal for cargo containers, and Smart GPS Truck Lock (iTSS), an AI-powered lock equipped with intrusion-detection capabilities.
Over the next 12 to 18 months, the startup plans to expand across the US, Europe and West Asia, secure market-specific certifications and introduce edge-computing-enabled smart locks.
It is also targeting sectors such as oil and gas, cold chain logistics, defence cargo, mining, railway freight and cash management.
The investment comes at a time when logistics operators are ramping up spending on connected technologies. The global supply chain IoT market is expected to grow to $40.33 Bn by 2033 as companies invest in smarter asset tracking, fleet monitoring and warehouse management systems.
Source: Inc42 - Startups
