US-based developer of internet-of-things (IoT) software developer Cloudleaf has received $13m in a series A round featuring Mahindra Partners, a subsidiary of diversified conglomerate Mahindra Group.
Venture capital firms IndusAge Partners and Tandem Capital also participated in the round, as did VC fund Bold Capital Partners and undisclosed angel investors.
Cloudleaf deploys a mesh of IoT sensors that remotely monitor the condition of its clients’ assets. The system is capable of measuring variables such as temperature, shock, and vibration, and is largely used by customers in the manufacturing and logistics sectors.
The funding will support ongoing innovation efforts, the commercial launch of the company’s Sensor Fabric technology and the recruitment of strategic partners, Cloudleaf president and CEO Mahesh Veerina said.
Parag Shah, managing partner of Mahindra Partners added: “As a large multinational group with interests in diverse industries, we see digitisation of operations as a transformative force for enterprises all around the world.
“We see this as a significant opportunity for Cloudleaf and are excited to be a part of the funding round.”