Chennai, 24 January 2023: Denvik Technology, a leading provider of IoT solutions based in Chennai, has secured a strategic investment round led by CI Hub, an investment firm focused on supporting high-potential Indian companies in their global expansion efforts. The funding will be used by Denvik to expand their customer base for their Industrial IoT solutions in Europe and the MENA region, as well as to scale their team and accelerate market adoption of their latest IoT-driven solution for the global poultry farming market.
The market for IoT solutions is expected to experience significant growth over the next decade, with projections indicating that the global IoT market will grow from $478.36 billion in 2022 to $2,465.26 billion by 2029, at a CAGR of 26.5%. The agriculture sector is expected to be one of the fastest growing areas, as IoT technology can be utilized to improve profitability and increase operational efficiencies for farmers.
With over a decade of experience in developing cutting-edge technology solutions, Denvik Technology is well-positioned to help companies take advantage of the granular insights that will be available through connected smart devices. Founded in 2007, the company has a long history of delivering robust, market-leading technology solutions for global corporations and startups. Their customer base includes global leaders in industrial and equipment automation in Europe and India.
The Denvik team is passionate about utilizing technology to improve sustainability and help leave a better planet for future generations. The company is incubated by the Crescent Innovation Incubation Council (CIIC) and two of Denvik’s co-founders are alumni of the Crescent Institute of Science and Technology.
Their latest proprietary product offering, “Ornithon,” is an IoT-driven smart solution designed to help poultry farmers worldwide improve profitability, operational efficiency, and compliance. This unique technology offering surpasses existing market solutions and provides modern-day poultry farmers with a significant competitive advantage.
Commenting on the strategic investment, Syed Bukhari, Founder & Vice Chairman, Gibraltar Technologies; Founder Director, CIIC; Founder & Director, CI Hub, said “We are excited to invest in a deep-tech company like Denvik Technology with a proven track record of success. The team at Denvik have a wealth of experience in building and deploying cutting-edge, robust, easy to use IoT solutions. The global IoT market is a huge opportunity as enterprises of all sizes look to benefit from IoT technology. We believe that Denvik is uniquely positioned to grow and take advantage of this large addressable market.”
Mohammed Mohideen, Co-founder, Denvik Technology Private Limited, said “We have been successfully delivering cutting-edge technology solutions for global clients for the last 15 years. With this strategic investment, we will be expanding further in key markets like the Middle East and Europe and establish near-shore offices to better service our clients there. We will also use the investment to accelerate sales and scale adoption of our latest product offering “Ornithon” which tackles the unmet needs of poultry farmers world-wide.”
