IoT smart lock Ikin Global raises $1 Mn in pre-Series A round

Ikin Global, an IoT smart lock brand, has raised $1 million in its pre-Series A round led by Unicorn India Ventures and Callapina Capital. The round also saw participation from existing backers. 

The proceeds will be used to enhance the current product line with new launches that would offer AI-powered analytics, advanced sensor technology, and industry-specific solutions. 

In addition to the new launches, Ikin will also be expanding its team presence across key geographies including India, the US, and Europe to ramp up its sales, marketing, operations, and support teams. 

Ikin has been instrumental in securing 2500 trucks and 1,500 facilities including large warehouses, vaults and retail shops.

The company claims to have an order book of 20,000 smart locks with a revenue target of Rs 30 crore from smart locks business in the logistics sector. Ikin has also launched new smart products like Portable iSeals with a 1-year battery life, replacing one-time-use plastic seals for containers and Smart GPS Truck Lock with advanced sensors for intrusion detection.