Geospatial product company Transerve Technologies has raised 1.6 million Series A round from IL&FS Investment Managers and Omidyar Network. The investment was facilitated by Tribe Impact (earlier known as Intellecap Impact Investment Network).
The company leverages digital mapping technology to help customers make more informed location-based decisions. It creates smart maps to help customers manage their assets such as land, estate, water supply lines, tanks, treatment plants, sewage lines, manholes, electrical networks among others.
Transerve was incubated at the Center for Innovation, Incubation and Entrepreneurship (CIIE)-IIM Ahmedabad and also supported by Centre for Incubation & Business Acceleration (CIBA), Goa.
The Pune-based company also helps municipal bodies to identify defaulters and optimized the speed and accuracy of their engineering surveys. Transerve’s products are currently deployed in municipal revenue administration in various cities of Maharashtra, Uttar Pradesh and Goa and Jharkhand.
“More than 200 million people in India lack secure property rights, and Transerve’s technology has the potential to play a critical role in solving this issue. Access to property rights often starts with reducing the cost and complexity of maintaining property records. Transerve’s solutions help urban local bodies increase revenue and improve civic service delivery by maintaining an accurate database of properties,” said Shreya Deb, Principal, Omidyar Network to the Economic Times.
Floated in late 2009 Transerve has two products – mapping and survey solution. Map based products are customized web/desktop/mobile based interfaces that help customers visualize their geographies, assets to carry out feasibility analysis for their projects.
Meanwhile, survey solutions help to provide faster, more accurate and convenient engineering survey solutions to the customers.
“Having validated the ideas early on, we scaled up in a bootstrapped fashion with seed support from CIIE and CIBA. The current round of funding from IL&FS and Omidyar Network has come just at the right time” said Amarsh Chaturvedi, Co-Founder, Transerve Technologies.