A defence internet of things (IoT) start-up has announced it has a closed a seed funding round of $1.5 million, led by India’s early stage investor YourNest.
CRON systems, one of Techstars Adelaide first cohorts, said the funds will be used to further accelerate the company’s international expansion across the Middle East, Africa and Europe, increase production capabilities and strengthen R&D for the next generation of products.
The seed funding was completed in two tranches, with YourNest involved in both rounds, alongside other angel investors.
CRON Systems will graduate from the 13-week Techstars Adelaide accelerator program on 12 October.
Founded in 2015 by Tushar Chhabra, Saurav Agarwala and Tommy Katzenellenbogen, CRON Systems provides data-driven intrusion detection systems to strengthen perimeter security for international borders or sensitive installations.
CRON’s IoT and data-driven intrusion detection systems, which use sensors, data, machine learning (ML), encrypted communications and automation, help detect, track and classify human and mechanical intrusions along large-scale perimeters, including land borders.
The startup, which is headquartered in Gurugram, India, already counts the Indian Border Security Force (BSF) and the Indian Army as clients. In March this year, CRON announced a major partnership with Israeli defence company ARI to develop automated patrolling rovers to help save human lives on the borders.
"This funding represents a crucial turning point for CRON and will allow us to develop the next generation of products that will help us expand internationally," said Katzenellenbogen.
"Going through Techstars Adelaide defence accelerator program has opened many doors for CRON, giving us exposure to high calibre mentors and connections within the global defence sector. The program has helped validate the market for CRON, and we are excited to bring the latest technology to secure more borders around the world."
CRON Systems intends to achieve its first large scale deployment by the end of the year and also explore clients internationally starting next year. In addition to ramping up product development, the funding round will enable the company to increase its team to 35 members, and open new offices in the US, Singapore and Adelaide.
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"We’re on a mission to introduce a new secret weapon to fight terrorism and border intrusion, not through guns and weapons, but by leveraging the power of data," added Katzenellenbogen.