IoT solution firm Bondstein Technologies Limited has secured an investment worth $1 million.
The proceeds will be used to drive acquisitions, R&D of new IoT solutions, increased inventory and expansion of manufacturing facilities, said a press release.
This strategic investment is led by Runner Trading Limited, a subsidiary of Runner Group and is participated by other investors.
With this investment, Bondstein aims to expand in IoT Technology export in the coming days. The investment in Bondstein is the first ever funding in the Bangladesh IoT industry.
Zafir Shafiee Chowdhury, co-founder and 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 automobiles giant, looks at this investment as a strategic move.
In a statement, 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."
Bondstein is the market leader of the Internet of Things (IoT) industry in Bangladesh, 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.
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.
Bondstein 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.