Venture Catalysts, India’s first and largest integrated incubator and accelerator, has announced its latest investment in Altor, a Kolkata-based startup that builds IoT and AI-enabled smart helmets to make bike rides safer and more efficient. The fresh tranche of capital is a continuation of the company’s pre-seed funding round, which was led by Venture Catalysts in February 2020.
Catering both to the business-to-consumer (B2C) & business-to-business (B2B) segment, Altor (www.altorsmarthelmet.com) designs and offers smart helmets which, when connected to the mobile app, will enable the bikers to be less distracted and more aware while riding. The smart helmet comes with a variety of features that ensures convenience in riding and safety on the road. The startup’s patent-pending technology immediately detects accidents if/when they happen and automatically informs the rider’s emergency contacts along with location-tracking details. Additionally, Altor provides ride analysis with valuable data for riders to improve on their safety, while rewarding them for the same.
Commenting on the investment, Abhimanyu Bisht, Vice President and Head of Investments, Venture Catalysts, said, “The global market for intelligent and connected headgears is anticipated to reach $1.5 billion by 2022 growing at a CAGR of over 16%, and with India being the largest market for two-wheelers, the opportunities are immense. With a first-mover advantage, Altor is well-positioned to capitalize on these opportunities and turn them into a profit-making business, while creating tremendous value for all stakeholders including customers (B2B company), riders and investors. We will be providing them all the support they require to further scale their operations and script a new success story in the industry.”
Speaking on the fund-raise, Shamik Guha (Co-Founder & CEO at Altor), said, “We’re looking to attract some of the top talents in Artificial Intelligence and IoT to join us on our mission; so, this round is of great strategic importance to us. We will invest in building a strong team, fulfilling current orders, and increasing our footprint to multiple channels of sales, both online and offline, to reach a wider customer base. As a part of our long-term goal, we want to harness the power of technology to prevent accidents and foster a culture of safety within the biker community.”
Altor is a category-creator in the space of “affordable smart helmet” with its devices being the most optimally priced amongst all the global smart helmet brands currently, considering the features offered.