Narayan AmmachchiGlobant has invested US$300,000 in two Argentinean technology startups, namely Woocar and Drixit, in an apparent bid to widen its footprints in the lucrative new technology marketplace.
Woocar owns an AI-based platform that measures the behavior of a person when he is behind the wheel, which is crucial data for insurance companies. Moreover, the startup claims that it can prevent 80% of road accidents.
Drixit is an IoT specialist, which promises to prevent industrial accidents by raising alarm about the potential mishap well in advance. In addition, Drixit helps factory owners to digitize and automate many of their processes.
Both investments were made through its venture capital arm Globant Ventures. This is Globant’s sixth investment in Argentinean startups.
“In these times of adaptation and change, at Globant Ventures we seek to continue supporting the local entrepreneurial ecosystem,” said Martín Umaran, Co-founder of Globant.
The venture fund has so far invested US$1 million in early-stage technology firms, with most of them working on technologies such as artificial intelligence (AI), augmented reality, internet of things (IoT), and robotic process automation.
The other start-ups Globant has invested in include Robin Tests, CamOnApp, Avancargo, and The Eye.
“These two companies summarize what we look for in a startup: businesses based on new technologies like AI, [that have] high growth potential at a global scale, and an entrepreneurial team capable of executing a solid business plan,” Umaran added.
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