Singapore-based Zimplistic, the parent company of automatic roti maker Rotimatic, has announced to make a revenue of $20 million within a year of the product launch.
Rotimatic is now available in Australia, Canada, New Zealand, and the UK. It is also aiming to expand to India and the Middle East by next year.
Zimplistic also claimed that Rotimatic has more than 20,000 users worldwide who have made over 8 million roti using the machine to date.
The company has raised a total of $18.5 million of funding from investors including NSI Ventures and Robert Bosch Venture Capital, the VC arm of German electronics giant Bosch. It is now seeking investors for its Series C round, which it will use for product expansion in other countries.
The company was conceptualised in 2009 by husband-wife duo Rishi Israni and Pranoti Nagarkar.
Nagarkar, the mechanical engineer from the National University of Singapore came up with a prototype for an automatic roti maker, which won the Start-Up Singapore competition way back in 2009. Two years later, her husband Israni joined the company who helped the machine turn into a smart device by integrating consumer robotics and Internet of Things (IoT).
Zimplistic has covered a long journey since then and has grown into a company of more than 120 employees. It holds 37 patents on the technology that makes Rotimatic tick.
The Internet of Things (IOT) platform market is expected to hit $1.6 billion by 2020 globally, growing at a rate of 35 per cent year-on-year, according to a Verizon report.
The State of the Market: Internet of Things 2017 report stated that the biggest growth will come from B2B applications which can generate nearly 70 per cent of potential value enabled by IoT.
According to the report, there are 8.4 billion connected “things”, 31 per cent up from 2016.
There are factors like revenue growth and regulatory compliance which are driving enterprises for Internet of Things adoption.