In its pre-Series A round, which was led by Unicorn India Ventures and Callapina Capital, Ikin Global, a company that makes IoT smart locks, raised $1 million. Existing backers participated in the round as well.
Through new product launches that provide AI-powered analytics, cutting-edge sensor technology, and industry-specific solutions, the proceeds will be utilized to improve the current product line.
Along with the new launches, Ikin plans to increase the size of its operations, support, marketing, and sales teams by extending its team presence in strategic regions such as the US, Europe, and India.
Ikin has played a key role in protecting 1,500 facilities, including sizable warehouses, vaults, and retail stores, as well as 2500 trucks.
According to the company, it has 20,000 smart locks in its order book and aims to make Rs 30 crore from the smart lock business in the logistics industry. Ikin has also introduced new smart products, such as the Smart GPS Truck Lock with sophisticated sensors for intrusion detection and the Portable iSeals, which replace single-use plastic container seals and have a one-year battery life.
