Dialog’s Digital Innovation Fund Backs Iconic Devices to Propel Sri Lanka’s Industrial IoT Leadership

Left to right: Prajeeth Balasubramaniam, Managing Partner, BOV Capital (Pvt) Ltd; Supun Weerasinghe, Director / Group Chief Executive, Dialog Axiata PLC; Bhanuka Gamachchige, Founder / CEO, Iconic Devices (Pvt) Ltd; Rohan Seneviratne, Managing Director, Atarah Capital (Pvt) Ltd.

Digital Innovation Fund, managed by BOV Capital and powered by Dialog Axiata PLC, has made a strategic investment in Iconic Devices (ICD), a global technology company specialising in industrial IoT hardware and automation solutions. ICD, known for its flagship NORVI Controllers and upcoming NEVETA real-time supply chain platform, earns 100% of its revenues in USD and operates in-house PCB assembly and prototyping facilities to rapidly develop scalable solutions for global clients. Atarah Capital served as the exclusive transaction advisor.

Iconic Devices has evolved from building controllers for heavy equipment into a leading global provider of programmable controllers and connected devices used in diverse industrial environments. With a strong focus on connectivity, sustainability, and resilience, ICD’s solutions are widely trusted by OEMs for thriving in harsh environments while enhancing operational efficiency. The company continues to expand its product portfolio and strengthen strategic global partnerships, showcasing Sri Lankan technology’s ability to compete on the world stage.

“I am honoured to welcome the Digital Innovation Fund (DIF) as an investor in Iconic Devices. DIF’s initiative to support Sri Lankan technology companies is a vital step in enabling local innovation to reach global markets,” said Bhanuka Gamachchige, Founder and Managing Director of Iconic Devices. “With DIF’s support, we are better positioned to accelerate innovation, expand our product offerings, and deliver new solutions worldwide.”

Supun Weerasinghe, Director/Group Chief Executive at Dialog Axiata PLC said, “Investing in breakthrough digital technologies is crucial for advancing Sri Lanka’s digital economy and fostering innovation. Dialog is proud to partner Iconic Devices through the Digital Innovation Fund.”

Prajeeth Balasubramaniam, Managing Partner at BOV Capital, added, “We are committed to backing scalable and high-impact tech ventures. Iconic Devices exemplifies the kind of innovative company that can drive meaningful industrial transformation.”

“Atarah Capital has partnered with promising entrepreneurs, particularly from regional areas, providing strategic advisory to prepare them for private equity funding and public listings,” concluded Rohan Seneviratne, Managing Director at Atarah Capital. “Regarding ICD, this transaction marks the first step in providing ongoing professional support and expertise to fuel further growth.”