Cubical Laboratories, a smart home and security solution platform, has raised an undisclosed amount of funding in its pre-series A round from Rockstud Capital, cited Inc42.
Post transaction, the Delhi-based startup Cubical Laboratories will be valued at $11 million (approx INR 78 crore).
The company will use the infused financials upon its day-to-day operations to develop wireless, cost-effective, safe and smart home solutions.
Cubical Laboratories was started by Dhruv Ratra and Swati Vyas in 2013. The platform Cubical claims to offer internet of things (IoT)-enabled products for homes such as lighting controllers, temperature and light sensors, gesture control and energy monitoring devices.
While, Abhishek Agarwal, the founder and angel investor of Rockstud, said that the market opportunity is immense.
Furthermore, as per the reports, the Indian home automation market is expected to touch $4.3 billion (approx INR 30,000 crore) by 2022. It also stated that residential customers have the highest market share. In the product category, the security market is a clear winner.
Some of the significant startups under the similar roof include 75F, Picostone and many more.