Startup Trillbit raises $1.5M in seed funding led by Refex Capital and GGC

Trillbit funding
Trillbit funding

Trillbit, a Boston-based startup with a Bengaluru headquarters, secured $1.5 million from Refex Capital and Good Growth Capital. The money will be used to help with business development.

Trillbit, Boston-based deep tech business with a Bengaluru headquarters, has secured $1.5 million in a seed fund round from Refex Capital, a Chennai-based early-stage venture capital firm, and Good Growth Capital  (GGC), an early-stage venture capital firm.

The cash will be used for the startup’s business growth efforts, according to an official announcement.

Trillbit’s proximity intelligence platform, founded in 2017 by IIT Kharagpur and ISB alums Bhaskar Deo, Shashikant Burnwal, and Mrigesh Parashar, allows ordinary audio speakers and smart devices to interact and authenticate without the need for the internet or any additional hardware. Its goal is to create the “Internet of Sound,” which will disrupt the authentication space.

The firm, which has received funding from Techstars and Cisco, has developed a system that delivers data via an acoustic channel to improve end-user experiences and add value to current gear. Any device having a microphone may use the platform without any additional infrastructure.

Trillbit funding

“Trillbit’s goal is to be the most secure and frictionless solution in the IoT authentication market, and the money will be utilized for business growth efforts in the United States and other regions. We will not just cater to existing device setup and authentication use cases, but we also see a larger opportunity here. Deep fakes, which are a significant concern for voice commerce, are anticipated to increase as well. In a statement, Bhaskar Deo, Co-founder and CEO, said, “We are the only protocol that is PSD2 compliant and genuinely provides authentication to voice commerce while circumventing deep fakes.”

The firm claims to be working with several organizations in India and the United States on a variety of applications, including device provisioning and authentication.

Newer technologies are being embraced at a quicker pace around the globe, according to Sridhar Parthasarthy, Managing Partner of Refex Capital.

“Globally, emerging technologies are being adopted at a rate never seen before. This has been made feasible by better and more cost-effective IoT devices, which are predicted to treble in number by 2025, according to global research.”

“A strong watertight authentication method and a smooth provisioning procedure have become two key criteria, and we believe Trillbit’s appealing solution for frictionless connectivity will play a big part in resolving this.” This is reinforced by our interactions with some of the world’s largest technology companies. “The Trillbit team has wowed us, and we are delighted to be a part of this journey,” Sridhar said.