With this investment, Bondstein aims to expand its IoT technology export in the coming days
Bondstein Technologies Ltd, a market leader of internet of things (IoT) solutions in Bangladesh, has secured an investment worth of $1 million.
The funds 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 its IoT technology export in the coming days.
They serve 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.
Its 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
Bondstein is also serving customers across the border in Kuwait and Nepal.
It also has a partnership with Robi Axiata Limited.
“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," said Zafir Shafiee Chowdhury, co-founder and CIO of Bondstein.
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.
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, said Zahedul Arefin, CEO of ZA Capital.
Bondstein recently made an investment in Bangabandhu HiTech City Kaliakoir, where a leading IoT assembly unit of the country has been built.
They are the first company in Bangladesh to roll out LoRa technology commercially.
Their expertise in working with the latest deep tech solutions has been instrumental for their business growth.
Bonstein was previously felicitated with the National ICT Award by the ICT Division.
Winning the BASIS National ICT Award for two consecutive years in 2019 and 2020 was also a memorable feat.
Echelon Singapore selected the company as a top 100 startup in 2015.
The company also received ISO 9001:2015 certification.