FlamencoTech to set up lab in US; invests $1 million

FlamencoTech, a software-as-a-service-based (SaaS) solution provider owned by FutureIP, has decided to set up a lab in the US.

It will invest $1 million as part of its expansion plan. “We are getting an overwhelming response to our smart building, smart worksites, smart healthcare and smart retail solutions, which are deployed on the Digital Blanket platform. We are going for expansion in the North American and Asia-Pacific (APAC) regions,”  FlamencoTech co-founder and chief strategy and innovation officer Bala Chitoor told DH.

For the North American expansion, the company has already identified Harbour Industries as its partner.

“We have committed an investment of $0.5 million along with Harbour Industries, owned by the GA Richards Group, to establish a technology lab in Chicago,” he said.

 “The US partner will also invest the rest of the money in the lab, and it will be ready by this December,” Chitoor added.

“The Digital Blanket provides consumers unified digital infrastructure based on the consultative approach. We are digitally encompassing infrastructure layer, where we pick up information from deep down. We use three kinds of integration — IoT, Audio Visual and Mobile,” said Chitoor.

On the revenue front, he said that the company has achieved Rs 7 crore last fiscal, and is expecting it to double by the end of this fiscal. “Right now, we are present in India only.

We are getting good responses from the US and our expansion plans in the APAC region will fuel further growth,” he said.

As part of the expansion plan, FlamencoTech will invest $0.5 million in the operation side too.

“We are present in Bengaluru, Mumbai and Pune with a team of 70, and we are planning to double the size,”Chitoor said.

“Though, we are looking at raising funds through internal accruals, we are holding discussions with VCs on raising funds,” he added.