Yourstory: BitChemy Ventures invests $6M in three startups
BitChemy Ventures Pvt. Ltd. is a Hyderabad-based tech incubator-cum-seed fund that was setup by Sunil Motaparti in 2012. An M.S. in Computer Engineering from Carnegie Mellon, Sunil has extensive experience in startup development, technology management, business development and marketing. Sridhar Ponnuru is the general manager and has nearly 25 years of experience in setting up strategies to boost growth and profitability of operations.
Bitchemy recently announced its investment of a total of $6 million in three incubatee companies so far: 3LOQ Labs, Cafyne Inc and Altiux Innovations.
3LOQ: A B2B venture based out of Hyderabad, 3LOQ enables brands and retailers to understand individual customer’s behaviour based on past action and context using its advanced machine-learning algorithms.
Cafyne: Cafyne is a US-based startup which helps enterprises protect their brand by ensuring compliance to regulatory and company policies.
Altiux: Based out of Bangalore, Altiux helps large MNCs as well as startups in joint IP development, prototyping, new product introduction, concept development, product re-engineering and emerging market-focused solutions.
BitChemy identifies opportunities internally by analysing the technology landscape and externally by partnering with motivated entrepreneurs. “We invite ideas from entrepreneurs, and are operationally involved in building the ventures and cover all critical functions with our teams. We invest up to $2 million in each company we incubate and we also join them as a co-founder,” said Motaparti. The firm has eight staff on board. BitChemy also invites early-stage companies (which have some validation) for investment of up to $100,000 each in return for a minority stake.
The firm, which is looking to incubate three-four ideas from across the globe every year, is close to investing in another company.
The story First appeared here on Yourstory