Hyderabad startup secures seed round from Octave Ventures, others
Hyderabad: TRST01 (TrayamBhu Tech Solutions), a provider of blockchain solutions, raised an undisclosed seed round from US-based Octave Ventures and others. The funds will be invested in developing blockchain products on climate tech covering ESG, carbon credit, and tokenisation carbon assets, as well as expand business operations in the USA and other emerging markets.
Apart from market expansion, the firm is also moving aggressively on its hiring, and is planning to expand its team by hiring fifty new resources by end of 2022.
Founded in 2020 by Prabir Mishra, Suraj Teja, and Puru Modani, TRST01 is a multichain blockchain platform. The firm has over fifteen customers and thirty employees. The company has launched a portfolio of agriculture and food products that address trust, transparency, and traceability.
Within a year of launching, TRST01 is working with a couple of State governments on PDS traceability. In addition, the company is part of the first Cohort of CoE for Blockchain STPI, Gurgaon, and the cohort of Ag-Hub Agri Innovation Hub of PJTSAU, Hyderabad Telangana.
The company has brought forward nine products in the marketplace, including CSR donation tracking, organic, residual-free, exotic fruits, and mango traceability. TRST01 has developed a platform for prospecting Geographic Indicator (GI) product pigeon pea (Tandur Dal) of Telangana as part of its blockchain initiative.
Commenting on the development, Prabir Mishra, CEO, TRST01 said, the company has been clocking year-on-year growth across its extensive product suite. This investment is an endorsement from an international partner and comes at an opportune time, as the company is eager to capture a larger share of expanding blockchain enterprise market.
Partnering with an experienced investor will help the company drive its mission to bring the best use of emerging technologies to address industry pain points on trust, transparency, and traceability, he added.
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