CHARLOTTE – Dais X, an IT consulting and software development company, has sold selected assets to a company in India and will use the proceeds to create a new firm to invest in and mentor startups.
Dais X, founded in 2017 in Greensboro, sold assets associated with its consulting and engineering services to TatvaSoft, a software development company based in Ahmedabad, India, for an undisclosed amount. Neal Davis, CEO of Daix X, said the deal strengthens the company’s balance sheet, simplifies operations, and provides it with the flexibility to invest in startups and entrepreneurs.
In an interview with WRAL TechWire, Davis said most of the company employees, which peaked at 34 fulltime and 31 independent contractors, will move to TatvaSoft.
Dais X moved to Charlotte after merging with AI company, Dais AI in October 2019.
Greensboro’s Dais X to merge with artificial intelligence business, relocate to Charlotte
Davis said he is already in the process of forming a new entity to invest in early-stage startups and is considering several deals. It has one portfolio company now, Lexington-based BarricAID Technology Group, which is testing prototypes of a system that can automatically lock down classroom and school doors if an unwanted intruder enters. “Locking classroom doors has been proven to save lives,” he said.
The problem with current security systems on the market, Davis said, is that they’re designed to keep intruders out of the building, which is nearly impossible to do. BarricAID already has several private schools and universities interested in the system. “It can lock down the building with the push of a button.”
Davis said observing large companies and startups dealing with the COVID crisis helped lead him to change directions. “We’ve never really faced a crisis like COVID-19, at least in my lifetime. It’s only through creativity and innovation that we get back on the road to economic growth- and I believe it’s exactly the type of innovation that startups can bring.”
The new entity will look at early-stage deals in IoT, AI, AgTech, CleanTech but open to pretty much anything with strong digital implications. “But it’s the entrepreneurs as much as the idea,” he adds.
“This is an opportunity for me to focus on what I’m most passionate about. Startups are the economic future of our country, in terms of job creation, diversity and inclusion, and solving some of the world’s problems. I want to be part of that.”
