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GrowX ventures on Thursday said it has led a $5,00,000 (about Rs 3.34 crore) seed round for i2e1, a platform that aims to provide low-cost or free internet to consumers and actionable analytics to providers.
The seed round also saw participation from angel investors like Mohandas Pai, Rajan Pandhare, Debasish Mitter, and Singapore Angels, growX ventures said in a statement.
IIT-Delhi, where the smart network layer platform i2e1 was incubated, is also a shareholder in the company, it added.
i2e1's model is based on innovation at the hardware front to reduce the cost of network delivery through cloud-based, remotely manageable plug and play devices.
The platform leverages advanced machine learning systems to create insights and increase revenue and profitability for brands and merchants.
It is live across India with over 100 clients, including retail outlets, ISPs as well as hospitality partners like ZO rooms.
"Our aim is to build a connected ecosystem where information is available to everyone, at the right time and the right place, to enable better and faster decision-making.
"We want to use our skills to create the smartest network layer platform and thereby impact lives of Indian citizens across the length and breadth of the country," i2e1 co-founder Satyam Darmora said.