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Ikin Global, the brand developed by SectorQube, a leader in IoT smart lock solutions, has secured funding in pre-Series A, securing $1 million. The investment comes from Unicorn India Ventures and Callapina Capital. Other existing investors also participated in the round. The funds will be used to further enhance the products of Ikin, including advanced AI-powered analytics, cutting-edge sensor technology, and tailor-made solutions in varied industries.
Ikin Global is to expand the range of products for new smart lock innovations targeting the logistics and warehouse sectors to give better and more sophisticated security features. The investments will also focus on pushing the company’s presence in strategic markets such as India, the United States, and Europe, where the company plans to ramp up its sales, marketing, operations, and support teams. The company will also concentrate on boosting its capacity to boost production for the increasing demand of its products, especially on the side of the logistics industry.
Over the last 12 months, Ikin has gathered significant momentum in the industry, setting itself up for an international expansion. The firm has already won contracts for 2,500 trucks and 1,500 facilities, including warehouses, vaults, and retail outlets. These growth factors have given Ikin the momentum to tap into international markets and extend its reach all over the globe.
Hoping that such great strategy will be implemented comes Anil Joshi, Managing Partner, Unicorn India Ventures. He also mentioned that the highly challenging tasks in the supply chain management and warehousing are increasing as the growth of e-commerce expands. According to Joshi, “As e-commerce expands further, logistics and warehouse security become very important. Integrating IoT and AI in the smart lock solutions of Ikin is a strategic move that places them in the trajectory of global leadership. The necessity for such secure and real-time tracking applications is humongous, and SectorQube is perfectly positioned to capitalize upon this shift.
Ikin Global has technology that addresses such challenges with its smart lock, which provides excellent security in shipments during transit and while stored in warehouses. With a robust order book of 20,000 smart locks and a revenue target of Rs 30 crore from the logistics sector, Ikin is poised to further expand its market share.
Besides the present products, Ikin has introduced innovative new solutions that improve its product offering. For instance, Portable iSeals have one-year battery life, replacing single-use plastic seals for containers with a greener option. Another notable product is the Smart GPS Truck Lock, with advanced sensors that provide real-time intrusion detection to increase security for high-value shipments.
The growth trajectory of the company is in sync with the sector, as logistics in India is expected to reach $380 billion by 2025 with the fast growth of e-commerce, urbanization, and continuous digitization of supply chains. However, with this expansion, challenges relating to asset security, theft prevention, and operational efficiency are also emerging, in which Ikin’s advanced security solutions have met the necessary demand.
Vinod Jose, Managing Partner at Callapina Capital, said the sector faces increasing difficulties. “As the logistics sector grows, driven by e-commerce, urbanization and the digital transformation of supply chains, a higher demand is becoming more acute for improved security and operational control. Theft, tampering, and inefficiency incidents are significant issues for logistics companies.”. Ikin Global’s innovative offerings that integrate IoT and AI are well positioned to look at these issues and fulfill growing logistics needs.
Ikin’s technology provides companies with more control over assets and operations, with real-time locationing and advanced security and operational management. Given strategic investors and a growing customer base, Ikin Global is on its way to further growth, revolutionizing security within the logistics and warehousing sectors.
With continued innovation in smart lock and IoT technology, it is poised to further address critical security challenges across industries, culminating into a safer and more efficient future of global supply chains in its expansion efforts and global strategic vision.
