IoT-based transportation startup TempoGO raises fresh funding

TempoGo, an Internet of Things based transportation startup which operates a SaaS platform, has raised around ₹1.6 crore in its fresh funding round from Javelin Startup-O Victory Fund.

The investment comes after the company won an international startup competition held by Singapore-based investment platform Startup-O. The  Javelin Startup-O Victory Fund is managed by Singapore-based Javelin Wealth Management and Startup-O.

In a statement, the company announced that it has raised additional funding from Dubai-based NB Ventures, which has already made investments in logistics startup LetsTransport and fitness app HealthifyMe.

With this new funding round, the total amount of funding raised by the company now stands at over $1.35 million. Earlier this year, the startup had raised around ₹5.6 crore ($825K) from Hong Kong-based K2 Investments. A few high-profile investment bankers had also participated in that round.

Steve Davies, chief executive officer of Javelin Wealth, said in the statement:

TempoGO is one of our earliest investments in the Indian market and adds a new dimension to our diversified portfolio that spans across Southeast Asia.

The company’s platform consists of two layers—one powered by IoT sensors on vehicles and another by SaaS. The IoT layer consists of a GPS-based hardware unit to track vehicle location and speed, a sensor set to monitor fuel pilferage and keep track of temperature on refrigeration trucks, and an adapter to record and transmit vehicle behaviour and data.