Thursday, Mar 28, 2024 | Last Update : 06:23 PM IST

  Business   Einsite gets KPCB Edge’s seed funds

Einsite gets KPCB Edge’s seed funds

AGE CORRESPONDENT
Published : May 19, 2016, 2:29 am IST
Updated : May 19, 2016, 2:29 am IST

Einsite, a California-based technology start-up firm with a presence in Hyderabad, has raised a seed investment from KPCB Edge, the seed stage investment arm of top Silicon Valley VC, Kleiner Perkins

Anirudh Reddy and Rajiv Reddy
 Anirudh Reddy and Rajiv Reddy

Einsite, a California-based technology start-up firm with a presence in Hyderabad, has raised a seed investment from KPCB Edge, the seed stage investment arm of top Silicon Valley VC, Kleiner Perkins Caufield Byers (KPCB).

The company founded by two brothers — Rajiv Reddy (25) and Anirudh Reddy (23) — use Internet-of-Things (IoT) technology to make the construction and mining industries smarter.

KPCB is one of the Valley’s most prolific and successful investors, having funded technology majors like Google, Uber, Twitter, Amazon, Nest and Snapchat.

Einsite’s product uses a combination of hardware and software to make the traditional construction industry more accountable and efficient.

The company is currently developing its product and testing it out in Hyderabad, but has global aspirations.

The founders believe that building and running pilots is easier in India, but plan to use India as a launchpad to go overseas.

The initial target market overseas would be the Middle east, but they also see a lot of potential across Asia and Latin America, where contractors face similar problems in project management and execution. The company hopes to perfect its product by the end of the year and sign on its first overseas customer in early 2017.

Talking about the need for such a product in the industry, Mr Rajiv says, “Innovation in this space is long overdue, and what we’re working on can really revolutionise how construction projects are executed and that most tech entrepreneurs don’t realise what a major market tech in construction and mining could be.”

Mr Rajiv has spent a lot of time on the field in various construction and mining projects, and thinks both industries are ripe for innovation and technology.

The technology being developed for this product is based on the concepts of the IoT or industrial internet, because it connects every machine and piece of equipment on a project site to the internet, and makes the data useful.

Talking about how IoT will transform traditional industries, Mr Anirudh asserts, “Our lives today are unimaginable without constant access to technology, and we think construction will be in a similar place a few years from now.” Anirudh’s time at Stanford has convinced him that every major industry, and infrastructure in particular, will soon be revolutionised by technology.

Location: India, Telangana, Hyderabad