Bondstein Technologies Limited, the Dhaka-based IOT company, announced that it has secured an investment worth of $1 million. The strategic investment is led by Runner Trading Limited, a subsidiary of Runner Group and is participated by other unnamed investors.
The company plans to use the fresh capital in acquisitions, R&D of new IoT solutions, inventory and expansion of manufacturing facilities, and expand in IoT Technology export in the coming days.
The company says it is the market leader in the Internet of Things (IoT) industry in Bangladesh, serving a wide range of customers through offering connected technologies. Bondstein provides a connected vehicles solution, which is known as vehicle tracking services in the market, that helps customers to remotely monitor their vehicles and recover them in case of theft. The solution also offers driving behaviour monitoring features helping to reduce road accidents.
Bondstein says it currently serves over 500 enterprise clients for whom it has tracked more than 40 million trips in real time. Bondstein’s hardware agnostic proprietary IoT Cloud processes over 250 million data transactions per month.
Built on the IoT Cloud, Bondstein also provides remote power monitoring solutions in over a thousand telecom towers across the country. Early this year, the company launched a smart home solution called Bond.
To address question leaks in public exams, Bondstein created a solution called smartbox. The solution has since been replicated in Dhaka University and Combined Admission Examinations.
Bondstein also serves customers across the border in Kuwait and Nepal. The company also has a partnership with Robi Axiata Limited, the second largest telecom operator in Bangladesh.
The investment in Bondstein is the first ever funding in the Bangladesh IoT industry. Zafir Shafiee Chowdhury, Co-Founder & CIO of Bondstein 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, an automobile giant, looks at this investment as a strategic move.
In a statement, Hafizur Rahman Khan, Chairman, Runner Group 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”.
ZA Capital was the financial advisor of the deal. Zahedul Arefin, CEO of ZA Capital has 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.”