Zen Technologies on Sunday, October 18, said its board of directors has approved the investment of ₹135.15 crore for a 51.98% stake in the Bengaluru-based defence technology company Cogknit Semantics Pvt Ltd. Cogknit won the iDEX challenge to build a battlefield management system for main battle tanks and is a recipient of the Raksha Mantri's Award for Innovation , the company said.
Zen Tech said its investment comprises a subscription to Cogknit's primary funding and the acquisition of existing shares. It said investor Ashish Kacholia and his associates would also invest in the primary round. Once the transaction is completed, which is subject to customary closing conditions, Cogknit will become a subsidiary of Zen Tech and its founding team will continue to lead it.
Cogknit's BMS digitally connects tanks, vehicles and soldiers so every commander works from one real-time picture of the battlefield, the company said. It has completed field trials with the Indian Army and is designed and developed in India. Zen Tech said the acquisition for it is aligned with Samvid, its proposed AI platform for shared battlefield awareness.
Cogknit's BMS adds the command-and-control layer that connects tanks, vehicles and soldiers, and is intended to complement Samvid, as well as Zen Tech's training simulators, counter-drone systems, drones and autonomous platforms, it added. Zen Tech shares ended the previous session 2.7% lower at ₹1,648.9 apiece.
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