DycodeX Seeks New Series A Funding and SMARTernak's “Scale Up”

DycodeX, developer startup hardware based on Internet of Things (IoT), is seeking new funding to support its business development plans next year.

This was stated by the CEO of DycodeX Andri Yadi when DailySocial visited his office in Bandung some time ago. He revealed that this new funding will support all of DycodeX's business focus going forward.

"At the end of this year we want raise (funding) again from venture capital. Potential investors already exist, from local. With this (funding plan), we are looking for product focus and thankfully already there," said Andri.

The product focus in question is the development of IoT products for five categories, including Asset Tracking, Agriculture Livestock Farming, Safety and Security, Custom Hardware Design, and Industrial.

Previously DycodeX had pocketed an unknown amount of funding from angel investors named Edo Okandar. At the beginning of this year, this Bandung-based startup again received funding from angel investors different.

"I can't say the amount at the beginning of this year, but the valuation is up to one million dollars (as of January 2018). It can be said that this funding is pre-series A,” he said.

Aiming for a market value of 233 billion Rupiah

Andri revealed a number of new product developments in the future. However, the plan has yet to be released to the public. For now, SMARTernak is one of the focuses of its future development.

SMARTernak's own livestock solution has received full support from the Ministry of Communication and Information and the Ministry of Agriculture.

SMARTernak offers IoT-based livestock solutions end-to-end. Not just hardware, SMARTernak provides services to monitor livestock, ranging from tracking, detecting livestock activity, health estimation.

“The business model is clear, the market is there, and it wants to scale up also. In fact, we have already prepared the target we want to aim for. Currently there are around 16 million cattle in Indonesia, we want to aim for 1 percent or 160 thousand cows in two years. The value of 160 thousand is 16 million dollars (Rp 233 billion)," said Andri.

According to Andri, the business value set is quite large because the products offered by DycodeX are not only in the form of devices, but also services as a whole. end-to-end.

He said he was optimistic that he could achieve the target because by the end of this year SMARTernak would get 10.000 cows. Andri revealed that these 10.000 cows were obtained from farms owned by a subsidiary of the Astra Group.

"By the end of the year we have got 10.000, that's all without marketing and funding new. Meaning with Yago's defensive effort more, with funding and marketing good, actually the target of 160.000 cows is in sight,” he said.

Andri added that the cattle farms managed by the corporation were only 1,6 million or 10 percent of the total 16 million cattle in Indonesia. Speaking of medium to large scale companies, there are tens of thousands of cattle being managed. This means that there are still great opportunities at the regional livestock level.

"That's why we want to add more later." resource again to focus on this development,” he said.