Mumbai: Artificial intelligence (AI) startup Tranzmeo, which is part of NASSCOM 10,000 Startups accelerator programme, has secured an undisclosed pre-seed funding from Hindustan Petroleum Corp. Ltd (HPCL) for its AI-powered product, T-connect OneView, the industry body said in a statement on Wednesday.
AI startup Tranzmeo raises funding from HPCL
Tranzmeo is the first AI startup in Kerala to receive funds from a state-run Fortune 500 company, it added.
The startup will use the funds to accelerate research and development of its advanced, proprietary technology and product line-up, bolster business development opportunities, and double the headcount over the next one year. HPCL will also join the board of Tranzmeo.
“Tranzmeo is a uniquely positioned technology company with significant growth opportunity. The team has developed an impressive product and we’re excited to be working together to scale the business,” said Sanjay Kumar, chief general manager, business development, HPCL.
Founded in 2017 by engineer-turned-entrepreneur, Safil Sunny, Tranzmeo has uniquely placed itself in the world of AI over the past year. Based on deep learning and other AI technology, the startup has developed ‘T-connect OneView’, a self-learning, data-driven, comprehensive anomaly forensics application, which runs on data streams to impact energy industries.
T-connect OneView streams through real-time machine data to learn machine behaviour and predict anomalies. The application is capable of classifying the kind of failure from incoming data streams and generate alerts for the concerned authority.
“We live in the era where everything is driven by data. The old techniques of calendar-based maintenance or reactive maintenance will never be sufficient for this competitive landscape. It’s time to look forward to self-healing and auto fault detecting systems. It’s time for smart industries,” said Safil Sunny, founder and CEO, Tranzmeo.
The company has already launched a beta version of T- Connect and it currently analyses 508km of HPCL’s petroleum pipelines to detect any anomaly. It is also working to hire more talent to speed up operations. In the next one year, Tranzmeo plans to strengthen its leadership team and improve customer experience of existing products.
HPCL’s investment in Tranzmeo is part of India’s state-owned oil and gas companies’ strategy to partner innovative startups that help them cut costs and increase operational efficiencies.
In September, Mint had reported that HPCL had started funding startups after the government launched a startup policy in January 2016. Last October, 10 oil companies formed a ₹320 crore fund to support 30 startups across sectors, including fuel and waste management.
In their effort to find startups to invest in, Bharat Petroleum Corp. Ltd had approached incubators and accelerators at technology institutes, while Indian Oil and HPCL had launched an online portal, wherein entrepreneurs could register their ideas