Chennai-based angel network The Chennai Angels has announced it has invested Rs 3.5 crore ($500,000 million) in home automation company Silvan Innovation Labs, a company providing technology-enabled security and entertainment amenities at homes.
“Silvan has a strong team, an excellent product portfolio and is trusted by several leading developers in India. We are pleased to be associated with them,” said lead investor R Ramaraj, who co-founded Sify, one of India earliest Internet companies which also got listed on the NASDAQ. Ramaraj is also a Senior Advisor at Sequoia Capital and on the board of governors of Indian Institute of Management-Calcutta.
This is the first equity investment into Silvan, which has been in the business of home automation for five years. Till now, the company has been focusing on channelizing its services through home developers and commercial space builders. Now, it wants to reach out directly to homeowners. Silvan allows you to monitor your doorstep on an internet-enabled phone through its Video Door Bell. Its other solutions include ability to control lights, air-conditioners and move curtains through a smartphone or a tablet, similar to the conveniences seen in many hotel rooms now.
“We will be on the e-commerce sites in the next six to seven months,” says Avinash K Gautam, CEO of Silvan Innovation Labs.
S. Mohammed Shadaan, Partner and Dheeraj Mani, Senior Associate of Kochhar & Co. were the legal partners providing legal advice and end to end support involving preparation, negotiation and finalization of transaction documents including the share subscription and shareholders agreement and assistance with execution and closing of the transaction.