Reliance Technology Ventures Ltd (RTVL), the corporate venture capital arm of Reliance ADA Group and Mumbai Angels have invested an undisclosed amount in Hyderabad based Dhama Apparel Innovations Pvt. Ltd. Dhama’s patented technology provides heating / cooling solutions to people living and working in difficult climatic environments.
The company’s current line of products includes ClimaGear, a jacket/vest, ClimaNeck, a neck accessory and ClimaMet, an helmet. These products are embedded with ClimaCon technology developed by Dhama. This technology allows the wearer to select the choice of temperature he/she wants to feel, thereby allowing the wearer to adjust to harsh environments without added stress, discomfort, health problems, and reduced productivity. Dhama’s products are developed to supplements the human body’s thermal regulation by not obstructing sweat evaporation. Dhama’s ClimaCon technology is superior to all existing technologies such as phase change or vapor compression due to its active and lightweight components. Dhama’s products are targeted towards personnel working and living in extreme heat, which may cause adverse effects on the human body.
Founded in January 2008 and currently based out of National Design Business Incubator at National Institute of Design (NID), Ahmedabad, the company has received both Phase I and Phase II grant from Technopreneur Promotion Programme from Indian Government’s Department of Scientific & Industrial Research (DSIR) to develop and commercialize the products with ClimaCon technology. Dhama’s patented technology has won the prestigious Gold Medal at Lockheed Martin’s Innovator’s competition in 2008, first prize winner in the India Innovation Pioneer’s Challenge, Champion of Champions category in 2008 and MIT USD 1K Business Plan Competition in 2005.
Dhama plans to use the funds raised to increase their sales and marketing capabilities worldwide and towards product innovation. The technology is of immense use to military personnel, outdoor / industry workers and sports enthusiasts.
Dhama is being promoted by Mr. Kranthi Kiran Vistakula. In the past Kranthi co-founded Intact Labs, enabler of next generation energy products, where he was the CTO. He also led a team as a Co-Principal Investigator for a NASA funded project for exploring the possibility of using proteins for electricity generation. He holds a Bachelor of Technology degree from the JNTU, Hyderabad, and pursued post-graduate studies in Mechanical engineering at Massachusetts Institute of Technology (MIT), Boston.
Explaining Reliance Technology Ventures’ investment, “Reliance has always been a pioneer in technology development. We believe Dhama’s technology is a strong enabler of human body’s thermal regulation, and its validation by MIT and Kranthi's winning MIT's Business Plan Competition. Dhama’s product can be incorporated into any kind of apparel especially in defense and athletics to provide heating and cooling on demand which would increase the work efficiency and comfort factor for its users”, says Harshal J Shah, CEO of RTVL, also an MIT graduate.
Sasha Mirchandani co-founder Mumbai Angels and MD Blue Run Ventures ( India) commented “We felt that Kranthi had done a great job of bringing the company to this stage on a shoestring budget. This coupled with a big market opportunity were the key criteria for us to do this deal.”
Mr Kranthi Vistakula is very aggressive among nine start ups at NDBI, and ready with dynamic strategies to take his innovation to the market successfully, says Mahesh Krovvidi, Chief Operating Officer of National Design Business Incubator.
Mr. Kranthi Kiran Vistakula, Founder and CEO, Dhama Apparel notes, “We look forward to working with Reliance Technology Ventures and Mumbai Angels to aggressively expand our footprint in India and overseas. We plan to be in the forefront of innovation and increase our presence in the Defense, Industrial and Sports sector.”
About Dhama Apparel Innovations
Dhama Apparel Innovations has developed technology that can be incorporated into apparel or accessories to provide thermal comfort. Dhama's current ClimaCon technology provides heating and cooling solutions on demand and can be incorporated into any kind of apparel. ClimaCon is designed to supplement the human body’s thermal regulation by not obstructing the sweat evaporation. For maximal effect, the cooling/heating points are strategically located on places where sweat production is minimal and there is high concentration of blood vessels. Dhama's products incorporate ClimaCon technology allowing the user to choose the temperature that comforts him/her (warmth or cold). This application enables the wearer to remain in the harsh environment without added stress, discomfort, health problems, or lowering productivity. http://www.dhamainnovations.com/
About Reliance Technology Ventures Limited (RTVL)
Reliance Technology Ventures Ltd, is the corporate venture capital arm of the Reliance ADA Group and has advised and / or invested in deals to the tune of over $4 billion. Yatra.com, India’s largest on-line travel portal, Pelago Inc, Suvidhaa Infoserve, Sequans Communications, Stoke Inc, E-Band Communications Corporation, Seedfund, Dhama Apparel Innovations are some of its portfolio investments. RTVL had also advised Reliance Globalcom in the acquisition of U.K. based eWave World and in the $300 million acquisition of US based Yipes Holding, Inc, a leading provider of managed Ethernet Services. eWaveWorld is now Reliance WiMAX World and represents the Group’s $500 million initiative to bring WiMAX to 50 countries by 2012. RTVL has also led the investment into an undisclosed technology company, which formed the basis of the largest venture capital transaction in India. RTVL invests in leading edge technologies, disruptive business models and technology enabled companies around the world. For further information please visit: www.rtvl.co.in
About Mumbai Angels
Started in November 2006, the Mumbai Angels is a unique forum where its members may interact and exchange ideas and knowledge. The Mumbai Angels provides a unique platform to start up and very early stage companies by bringing them face to face with successful entrepreneurs, professionals and executives who are interested in and have the funds available to invest in start up companies. http://www.mumbaiangels.com/
About National Design Business Incubator (Ndbi)
NDBI is an initiative of the National Institute of Design (NID), Ahmedabad set up with the support of Department of Science & Technology, Govt. of India, New Delhi. NDBI inculcate spirit of entrepreneurship in the creative minds of young designers, so that their ideas get transformed into new products or services capable of being marketed and sold, giving birth to a new class of entrepreneurs – “The Designpreneurs” http://ndbiindia.org/
Source: PR