- CloudWorx, an Internet of Things ( IoT) no-code platform and smart home companies, has received seed funding from a clutch of investors, said chief executive Yuvraj Tomar.
CloudWorx Pvt Technologies. Ltd, an Internet of Things ( IoT) no-code platform and smart home companies, has received seed funding from a clutch of investors, said chief executive Yuvraj Tomar.
Tomar said CloudWorx received seed funding for tech startups from angel investment company LetsVenture, angel network Faad Network, and AppyHigh Technology LLP. He had not disclosed the financial details.
The company will use the funds to build up its team and launch its consumer product by the end of the year, he said.
Tomar launched the startup last December along with CloudWorx’s Chief Technology Officer Pushpahas Bettad and the Chief Business Officer Dinesh Mohan Prasad.
The company’s Autocode software, which lets users build and publish applications, games, and servers without any code writing, is at a beta level. Yet it also has a number of companies as paying clients, including one in the US.
It also plans to use the funds to get into the European Union and the US.
This isn’t the first attempt at entrepreneurship for Tomar. He had founded Thinqbot Technologies Pvt earlier. Ltd., manufacturer of a home automation solution. A graduate of the Chandigarh Punjab Engineering College, he had previously worked with companies including Wipro, Google, and Cisco.
Bettad, a graduate of Thinqbot ‘s National Institute of Engineering, Mysore, was previously named cloud engineer at Thinqbot and worked with Wipro before. Prior to that, Prasad was head of apps for India and South Asia at Qualcomm. He has also been an active investor and consultant to businesses and startups, Tomar said.
CloudWorx joins a handful of companies that build no-coding systems this year to gain venture capital investments.
Just last month, the US-based enterprise automation startup JIFFY.ai raised $18 million in its Nexus Investment Partners Series A funding round. JIFFY.ai released the first centralized finance and operations automation and no-code software creation platform.
CodeNinja.ai Inc., which runs the no-coding platform CodeNinjai.ai based software-as-a-service ( SaaS), received seed funding from angel investors in May. This was collecting money from LetsVenture ‘s Early Adapters Syndicate.
Kuliza Technologies Pvt, last year. Ltd ‘s received a US investor’s venture capital. The company had said it would concentrate on a financial company no-code platform that would help its clients build applications easily without coding.
In recent months LetsVenture has been very involved in negotiating deals. His Early Adapters Syndicate (EaSyndicate) just last week invested in the PumPumPum company for used car leasing. LetsVenture has also recently invested in the MitronTV social video platform, and the Blu Smart Mobility autonomous taxi-hailing and riding app.
In May, a new forum for ultra-high-net-worth individuals (UHNIs) and family offices called LetsVenture Plus was floated by LetsVenture. The platform operates on an invitation-only basis and will allow both UHNIs and family offices to invest in startups in the growth stage.
In 2015 Faad Network started as a provider of start-up services. In 2017, it made its first angel investment in ClearDekho online eyewear marketplace and has invested in other start-ups such as Fella Feeds customer feedback analytics software and Stylework, a co-working startup.
Co-founder and director Karan Verma told Next Big Brand that the angel network is investing between $50,000 and $500,000 in early-stage startups.
Founded in 2015, AppyHigh helps technology companies expand their business and co-publish developer apps.