Bondstein raises $1mn from investors

Bondstein Technologies Limited, a Bangladesh-based internet of things (IoT) industry, has raised $1 million from investors.

The proceeds will be used to drive acquisitions, R&D of new IoT solutions, increased inventory and expansion of manufacturing facilities, said the company in a statement on Saturday.

The investment in Bondstein is the first-ever funding in the Bangladesh IoT industry.

This strategic investment is led by Runner Trading Limited, a subsidiary of Runner Group and other investors. With the investment, Bondstein aims to expand in IoT Technology export in the coming days, said the statement.

Bondstein Co-Founder and CIO Zafir Shafiee Chowdhury said, “Our plan is to be a regional IoT powerhouse in the next 10 years. Our investment in innovation will help us build new solutions and provide affordable IoT services in practical use cases”.

Runner Group Chairman Hafizur Rahman Khan said, “Bondstein has a proven capability of innovation and solving real-life problems. We are certain that with our experience and network we can help the tech company to reach newer heights”.

ZIA Capital CEO Zahedul Arefin, CEO said, “Bondstein has a unique value proposition in the deep tech space. With the right kind of strategic investors like Runner, the company will scale fast.”

ZA Capital was the financial advisor of the deal.

Bondstein is serving a wide range of customers through offering connected technologies. Through Bondstein’s connected vehicles solution, which is known as vehicle tracking services in the market, they are helping their customers to remotely monitor their vehicles and recover them in case of theft, according to the statement.

Apart from being able to save transportation costs, their customers were also able to reduce road accidents using the state of art driving behaviour monitoring feature.

It is currently serving over 500 enterprise clients for whom they have tracked more than 40 million trips in real-time. Bondstein’s hardware-agnostic proprietary IoT Cloud processes over 250 million data transactions per month.

The IT company is also serving customers across the border in Kuwait and Nepal. It also has a partnership with Robi Axiata Limited, the second-largest telecom operator in Bangladesh.

Bondstein recently invested in Bangabandhu Hi-Tech City, Kaliakoir, where a leading IoT assembly unit of the country has been built.