Hive Technologies, an investment and incubation firm backed by the Patni brothers — Arihant and Amit — has made its first investment in a Bangalore-based startup Flutura, which provides technology to oil and gas majors.
“We are thrilled to have Flutura as our first investment,” said Arihant Patni, managing director at Hive Technologies. “We have already started connecting them to global customers and are building strategy and teams.”
Hive Technologies, the Indian arm of Silicon Valley-based The Hive, which is part-owned by the Patnis, offers seed financing of up to Rs 13 crore as well as technology and business support for data analytic start-ups .
Both Hive and Flutura were not willing to disclose the amount invested . “We experience strong demand from the US, Japan and Germany,” said Krishnan Raman, chief executive at Flutura. “We chose Hive for their ability to execute through strategic relationship in these markets.”
Arihant, 37, is the son of Gajendra Patni, the eldest of the three cofounders of Patni Computers, one of India’s earliest outsourcing firms, who sold their holding in the company to iGate. Since then, the family has been active in early-stage investing , launching Nirvana Venture and Hive.
Flutura was launched in February last year by Krishnan Raman, Derick Jose and Srikanth Muralidhara, who earlier worked at IT services firm, Mindtree. “We found a strong chemistry between the team and I liked their passion and energy,” said Arihant.
Several energy, oil and gas majors use Flutura’s patent pending platform, Cerebra. “There is lot of noise in data, we focus on storing, sensing and responding as well tracking the value of that action,” said cofounder Jose.
Source: Economic Times