CRON systems has closed a seed funding round of AU$1.5 million to date, led by India’s premiere early stage investor, YourNest. The funds will be used to further accelerate the company’s international expansion across Middle East, Africa and Europe, increase production capabilities and strengthen R&D for the next generation of products.
CRON Systems is one of Techstars Adelaide first cohort and will graduate from the 13-week accelerator program on October 12.
The seed funding was completed in two tranches, with YourNest involved in both rounds, alongside other angel investors.
Founded in 2015 by Tushar Chhabra, Saurav Agarwala and Tommy Katzenellenbogen, CRON Systems provides data-driven intrusion detection systems to strengthen perimeter security, be it at the international borders or sensitive installations. By bringing to bear the latest in sensors, data, Machine Learning (ML), encrypted communications and automation, CRON’s IoT and data-driven intrusion detection systems help detect, track and classify human and mechanical intrusions along large-scale perimeters, including land borders.
The startup, which is headquartered in Gurgaon, India, already counts the Indian Border Security Force (BSF) and the Indian Army as clients. In March this year, CRON announced a major partnership with Israeli defence company ARI to develop automated patrolling rovers that will help save costly human lives on the borders.
“This funding represents a crucial turning point for CRON and will allow us to develop the next generation of products that will help us expand internationally. Going through Techstars Adelaide defence accelerator program has opened many doors for CRON, giving us exposure to high calibre mentors and connections within the global defence sector. The program has helped validate the market for CRON, and we are excited to bring the latest technology to secure more borders around the world”, says Tommy Katzenellenbogen Co-founder and CSO, CRON Systems.
CRON Systems intends to achieve its first large scale deployment by the end of the year and also explore clients internationally starting next year. In addition to ramping up product development, the funding round will enable the company to increase its team to 35 members, and open new offices in the U.S., Singapore and Adelaide, Australia.
“We’re on a mission to introduce a new secret weapon to fight terrorism and border intrusion, not through guns and weapons, but by leveraging the power of data,” added Katzenellenbogen. “CRON Systems is proud to be a local Indian start-up developing defence IoT systems and products to protect borders at home and abroad. Our products have already been deployed in real-life hostile territories and secured international borders. We know that secure borders save lives, and the depth of international interest in our technology gives us added motivation to rapidly scale up the business to help more countries keep their people safe.”
Girish Shivani, co-founder, Executive Director and Fund Manager, YourNest India VC Fund said: “We’ve been on an exciting journey with CRON since the end of 2016 and had the opportunity to get to know the team well, and fully understand their vision. We are very confident that they have the necessary skills, innovative technology and expertise to take perimeter security to the next level and help save lives of soldiers fighting on the front line. We are very excited to work with such a talented team that is using cutting-edge technology to significantly make borders safer”.
Terry Gold, Managing Director of Techstars Adelaide said, “CRON is a standout company in our first Techstars Adelaide cohort. Their vision and passion to completely change the way countries protect their borders, and to use cutting-edge tech and data to stop the infiltration of terrorists into various countries, has been remarkable since day one. We congratulate the team on their seed funding success and have no doubt they will make a huge mark for themselves within the defence and security sectors on an international stage”.
About CRON Systems
CRON Systems is a defence technology startup developing data-driven, IoT-based intrusion detection platform with the aim of future proofing non-smart international borders and making them smarter, safer and securer.