Hero Electronix, a Hero Group company, has acquired IoT startup Zenatix for an undisclosed amount. Founded in 2013 by Rahul Bhalla, Vishal Bansal, and Amarjeet Singh, Gurgaon-based Zenatix looks at conserving energy/electricity using predictive insights and machine learning.
According to media reports, Hero Electronix will be launching its own consumer-facing IoT platform by end of this year. With this transaction, Hero Electronix reportedly plans to expand into global markets in countries like Indonesia, Malaysia, Vietnam etc.
In June 2015, the Munjal family had entered the electronics business and had picked up a majority stake in set top box manufacturer MyBox Technologies to launch Hero Electronix. At that time the company had announced that Hero Electronix will see the investment of Rs 500 crore from its parent company in the next few years. Suman Kant Munjal heads Hero Electronix.
Interestingly, Hero Enterprise’s chairman Sunil Kant Munjal, and Hero Electronix, along with other investors invested $25 million (approx Rs 160 crore) in Artificial Intelligence (AI) and IoT-focused early stage venture fund pi Ventures. And, Zenatix is pi Ventures’s investee company. pi Ventures had invested around $1.18 million in Zenatix in February 2017.
Previously, Hero Electronix invested in Bangalore-based semiconductor company Tessolve in 2016. In the same year, it acquired Malaysia-based PCB manufacturing company Spectrum Integrated Technologies and chip test business of Singapore-based Lynxemi. According to this Times of India report, the company is targeting revenues of $1 billion by 2021.
