Picostone Tech (P) Limited, a smart home automation startup, has announced that it has raised USD 803.2 K (INR 5 crore) from US based Metaform Ventures LLC. Headed by Nilesh Jain, this is Metaform Ventures third investment in India in the last one month.

Team Picostone

Founded by Virang Jhaveri, Niket Sarvaiya and Priti Jain, Picostone is a home automation startup that focuses on affordable home automation solutions that are easy to install and use. Picostone is a Mumbai based startup.  They believe in delivering an affordable product range with fabulous user experience to have meaningful impact in your life. Picostone believe in ‘Make in India’ and their products and technologies are engineered, designed and developed in India.

Virang Jhaveri, while talking on the occasion mentioned,

‘Our vision with Picostone is energy management through affordable home automation solutions’

He further added,

‘The focus is on building a robust software, hardware and integrated platform to manage energy resources that is accessible to average middle income homes across the globe, where energy savings matter the most’

Speaking on the investment, Nilesh Jain informed,

‘Picostone is working on developing cost effective technologies in the home automation space with a vision to provide solutions that are high on energy savings and are easy to install’.

He further added,

‘Picostone has established a strong presence across major metros and Tier I locations in India through a strong distribution network and are successfully running pilots with leading developers to provide smart home automation solutions in under-construction projects’

Niket Sarvaiya, Co-Founder of Picostone, also added saying,

‘Within a period of one year, we have managed to provide automation solutions to over 1800 households in India’

He further added,

‘Home Automation is a 4 decade industry with focus on wired automation. With Picostone, we have brought in more convenience in terms of use, maintenance and installation by focusing on wireless automation’

Founder Picstone

Picostone products provide remote access and control of all home appliances like Air Conditioners, Television, Set-Top Box, Lights, Fans, Geysers, Motors and Curtains through their app and it can easily be integrated with Alexa and Google assistant to further enhance the experience. Picostone has tapped into the B2B and B2C segment with two products, Basic and Polar, and has a strong distribution network across 21 cities in India.

The company plans to utilize the funds for further research and development to provide complete home automation solutions, recruiting workforce across departments and on promoting their products across its audience.

Metaform Ventures LLC invests in startups that can effectively leverage technology to simplify problem for scalability, accessibility and affordability. The investor group has funded startups like Clinivantage, Hey DeeDee, Actofit, Agilebots, Log9 Materials, Fitterfly, Exofit Sports amongst other startups and Z Nation Lab accelerator.

About Author

Shivani Pandita

Shivani is an avid reader and loves to pen down her thoughts on paper in the most creative ways. She is more on the eccentric side, but it is this obscurity and uniqueness that makes her stand out. She has a passion for photography, travel and music. She strikes a thorough balance between intelligence and creativity and has a solution oriented approach to any problem at hand.

Leave A Reply