New Delhi, Mar 14 (IANS): Deep tech and defence technology startup Optimized Electrotech on Tuesday said it has raised Rs 200 million in a Pre-Series B round for its expansion.
The funds, said the startup, will be used to design state-of-the-art ‘Intelligent Long Range Surveillance' systems, product innovations, and business development in aerospace and defence sectors with a market potential of over $7.3 billion.
The equity round was led by the Rajiv Dadlani Group and also saw participation from Equanimity Investments and reputed Family Offices and high net-worth investors.
Venture Catalysts strengthened their position with further investment in this round. Earlier investors include GVFL and Dholakia Ventures.
"Conventional surveillance has been limited to post-facto analysis with human operators spending time and efforts in threat discovery. Our Intelligent Surveillance platforms bridge this gap, by providing real-time, actionable Intelligence to our security forces," said Sandeep Shah, Co-Founder and MD, Optimized Electrotech.
Founded in 2017 by Shah, Anil Yekkala, Dharin Shah, Kuldeep Saxena, and Purvi Shah, the startup offers products that work on a wide range of the electromagnetic spectrum, and are equipped with different types of optics to enable several applications.
"We anticipate an aggressive influx of defence technology builders in India following the government's support, which is much needed given the current geopolitical conditions around our neighbours," said Rajiv Dadlani, from Rajiv Dadlani Group.
With infusion of AI into surveillance, the company provides indigenously designed and developed surveillance platforms to facilitate governments, defence services, paramilitary forces, mining corporations, civic bodies and large corporations to respond to threats including unauthorised drone attacks swiftly.
The startup has applied for four patents, of which two are already granted.
"The innovative solutions provided by Optimized Electrotech are bound to ensure strategic stability for our country's defence," said Dr Apoorva Ranjan Sharma, Founder and President of Venture Catalysts.