The Tech Panda takes a look at recent funding events in the tech ecosystem, seeking to know where the cash is flowing.
Startup: Datoms
Sector: Deeptech IoT
Amount: US$1.2 million
Led by: Yournest Venture Capital
Datoms, an Indian industrial deeptech IoT (Internet of Things) startup for OEMs, has announced that it has raised $1.2 million (Rs 10 crore approximately) in a pre-Series A round led by Yournest Venture Capital.
The Bhubaneswar-based startup has developed a connected operations cloud that consolidates people, processes, and machine operations onto a single platform.
On the fundraise, Datoms’ Cofounder and CEO, Amiya Samantaray, said, “Growing at a 15% rate month on month, Datoms is building the future of connected operations from India for the world. The funding will strengthen our product offering and provide a massive opportunity for enterprises and equipment manufacturers in the distributed asset industry to ride the digitization wave. We have so far connected over 5000 machines across sectors.”
Sunil Goyal, Founder and Managing Partner of Yournest VC, said, “Datoms has demonstrated deep insights in the domain of IoT Operations with a thorough understanding of the business challenges its stakeholders face. Datoms offers a highly scalable solution that could benefit stakeholders across the value chain. Strong traction backed by its burgeoning clientele, involving the likes of Mahindra & Mahindra and Tata Motors, strongly validates the merit in Datoms solutions.”
Datoms plans to use the fresh funding to strengthen the product offerings to build various use cases in the construction warehousing industry and will focus on enhancing in-house AI/ML capabilities and market expansion across India and the Middle East.
Startup: Manastu Space
Sector: Space
Amount: US$3 million
Led by: Indian Angel Network
Manastu Space, a space tech company which is developing an environmentally friendly, first-in-world micro satellite thruster and fuel combination, has successfully secured $3 million Pre-Series A round, led by IAN. This fundraise marks a crucial milestone for Manastu Space, and will play a pivotal role in the company's developing cutting-edge space technology and scale its business, within the growing commercial space industry.
IAN investors such as KRS Jamwal, Executive Director of Tata Industries investing in his personal capacity, Jaideep Mehta, Sanjiv Bajaj, and Nitin Zamre, were active participants in this funding round. With this investment, Manastu Space is well poised to develop their green propulsion system for satellites, ranging from 100 to 500 kg.
Padmaja Ruparel, Co-Founder at India Angel Network, said, “Manastu Space brings a complementary product to the commercial space ecosystem of the country. As they build and grow, I am sure Manastu will find its place in the global space tech industry. With this investment, IAN has taken another step to support an innovative product led by passionate founders, in the best of the next sectors, emerging out of India”.
Startup: Aequs Pvt. Ltd.
Sector: Precision manufacturing
Amount: US$54 million
Led by: Amansa Capital
Precision manufacturing company Aequs Pvt. Ltd., raised $54 million (Rs 448 crore) in a fresh round of equity funding led by Singapore-based Amansa Capital, which brings on board five new investors.
Apart from Amansa, the current round includes leading global investment firm Steadview Capital, Catamaran, the family office of Infosys founder N. R, Narayana Murthy, Sparta Group LLC., the investment office of Desh Deshpande, and other individual investors. This follows an earlier round of Rs 225 crore in April 2023 led by Amicus Capital, which has also participated in the current round through its affiliates.
Aequs, which operates a precision manufacturing platform in Aerospace and other verticals, will use the growth capital to launch a new Advanced Technology Products (ATP), vertical to manufacture high precision components for some of the world’s renowned consumer electronics companies.
Aravind Melligeri, Chairman & CEO remarked: “Aequs has always believed in the Indian manufacturing story and for the past 15 years focused on maximizing in-country value add on the products it makes across the industry verticals it operates in. We are excited to partner with investors who have a deep understanding of the Indian capital markets, which I believe will bring immense value to Aequs. These partnerships will also help in tapping emerging opportunities due to the realignment of global supply chains and their relocation to India in many instances.”
AMBIT Private Ltd. was the exclusive investment banker for this transaction.
Startup: MyEra
Sector: Ecommerce
Amount: Undisclosed
Led by: EvolveX
EvolveX, an early-stage program founded by We Founder Circle, announced its recent investment into MyEra a tech-based platform to revolutionize the. MyEra is on a mission to simplify marketing and sales processes, and its groundbreaking MyEra API, also known as the MyEra Button, empowers online shoppers to personalize products and virtually try them before making a purchase.
The pre-seed funding round was led by EvolveX, with notable contributions from We Founder Circle and Vikas Aggarwal. Prior to this, MyEra had secured funds from AIC-BIMTECH – SISFS and iStart – DoIT&C. MyEra plans to utilize the recently raised capital to expand its technical team, build robust technology infrastructure, conduct public outreach, develop and maintain its platform, and enhance technical competence.
Bhawna Bhatnagar, Co-Founder of EvolveX, stated, “In the ever-evolving world of e-commerce, one of the persistent challenges has been the lack of engaging product customization and visualization technology. Shoppers often struggle to envision their desired products before purchasing, leading to higher return rates and dissatisfaction. MyEra’s intelligent solutions address this issue head-on, empowering online shoppers with the ability to personalize and virtually experience products, thereby enhancing the entire shopping journey. With our expertise and guidance, we are committed to helping MyEra become the go-to platform for e-commerce innovation.”
Anirudh Sharma, Co-founder and CEO of MyEra, expressed his enthusiasm about the investment, stating, “This fundraise comes at a very crucial stage in both our professional and personal lives. With this infusion of capital as well as the mentorship of EvolveX, MyEra is poised to accelerate its development and revolutionize the e-commerce landscape, delivering unparalleled value to both shoppers and retailers alike. The dedication and ingenuity of our team, coupled with this strategic backing, herald a promising future for MyEra and the transformative potential of our technology.”
Startup: Sequretek
Sector: Cybersecurity
Amount: US$8 million
Led by: Omidyar Network India
Sequretek, a global cybersecurity solutions provider, has raised $8 million in a Series A round led by Omidyar Network India, an investment firm focused on impact. The latest funding round also saw participation from Narottam Sekhsaria Family Office and Alteria Capital. The funds will be utilised to scale its global operations and go-to-market strategies. The funds will also be used to drive higher adoption of cybersecurity solutions for businesses in India and other global markets as well as increase market share and profitability in the small and medium businesses segment.
Sequretek offers protection to businesses from cyber breaches through their own AI-powered Percept Cloud Security Platform (CSP).
“Small and medium businesses have increasingly become more susceptible to cyber-attacks in the post-pandemic world. While more SMBs have realized the need for efficient cybersecurity management, lack of budget-friendly consolidated solutions and inadequate in-house resources, have created a large security gap in the sector. With our consolidated offerings and the backing of our investors, we’re channeling our efforts to increase accessibility and create awareness with an integrated cybersecurity management for SMBs,” says Pankit Desai, CEO of Sequretek.
“In today’s hyper-connected digital world, cyber-attacks pose a massive threat to the end-point consumer. At Omidyar Network India, we are focused on driving accessibility of privacy and data governance solutions especially for small and mid sized customers. In the last decade, Sequretek has successfully implemented its vision of taking cutting-edge AI driven cybersecurity products to underserved sectors in India at affordable price points. Their digital plus working model has also demonstrated the business viability in catering to the burgeoning Indian SMB sector which often lacks dedicated information security resources,” says Shilpa Kumar, Partner at Omidyar Network India.
Startup: OnFinance.ai
Sector: Generative AI SaaS
Amount: US$1.05 million
Led by: Silverneedle Ventures and IAN
OnFinance.ai, founded by a couple of BITS Pilani graduates, a cutting-edge provider of Generative AI SaaS solutions for the financial industry raised a $1.05 million seed funding round led by Silverneedle Ventures and IAN. The funding round also saw participation from notable investors, including LetsVenture Fund, SSV Fund, and Kunal Shah (CRED), along with some marquee angels. OnFinance.ai will be using the money to expand its engineering team and to scale its solution globally, especially in the US.
The funds raised will be used to expand OnFinance.ai’s engineering team and facilitate global scalability, particularly in the United States. Currently comprising eight full-time team members, including co-founders Anuj Srivastava and Priyesh Srivastava, the company is actively planning to extend its services to banks and wealth management firms based in the US and the UK, owing to the significant interest and demand for their NeoGPT AI Co-pilots in these regions.
Anuj Srivastava, CEO and co-founder of OnFinance.ai commented on the funding round, “Generative AI isn’t just innovative; it’s revolutionary, offering banks and wealth management firms a streamlined approach to their most complex internal processes. Our product solves exactly this; NeoGPT is like having a smart assistant that not only simplifies data but also helps internal teams pave the way for smarter and more efficient decision making.”
Priyesh Srivastava, CTO and co-founder of OnFinance.ai added, “For those curious about the recent surge in AI adoption, it’s largely due to the fact that Large Language Models (LLMs) now achieve nearly 80% of the accuracy of supervised models, even without specific training (known as 0-shot learning). This makes deploying new solutions 100x cheaper and more flexible, providing immediate utility from day 1. This means having a big AI product catalogue is no longer a MOAT for legacy players.”
Startup: Xpressbees
Sector: SaaS for logistics
Amount: US$80 million
Led by: Teachers’ Venture Growth
Xpressbees, a third-party end-to-end logistics platforms, announced that Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of the C$249 billion Ontario Teachers’ Pension Plan has made a US$ 80 million investment in Xpressbees. This investment will be used to help drive further growth for the Xpressbees platform and support the company’s strong management team with their future ambitions. TVG joins a marquee set of investors in the company including Blackstone Growth, TPG Growth, ChrysCapital, Khazanah Nasional Berhard, Alibaba Group, Elevation Capital, Investcorp, Norwest Venture Partners and Gaja Capital.
Xpressbees has been at the forefront of tech-led disruption in the logistics industry with its unique asset light model tailormade for India and has executed this in a highly capital efficient format
Amitava Saha, Founder & CEO Xpressbees said, “We believe the logistics sector is at the cusp of technological disruption and this is the right time to expand service offerings to address the growing needs of businesses and consumers. We are elated to partner with the TVG team who bring rich experience and a vast global network which will help as we scale our end-to-end platform to cater to the next level.”
Deepak Dara, Senior Managing Director and Head of India at Ontario Teachers’ said, “We are excited about the market opportunity for end-to-end logistics and supply chain solutions that can meet the needs of a diversified customer base across industries, including e-commerce in India. Led by a strong team, Xpressbees has established a highly scalable and efficient asset-light model with proven execution capabilities. We are delighted to partner with Amitava and the Xpressbess team in executing their vision to build an industry-leading business.”
Startup: Twyn
Sector: DeepTech
Amount: US$1.25 million
Led by: JIIF & ah! Ventures
Twyn, a Phygital Twin DeepTech powering large manufacturers and OEMs to enable smart manufacturing, has secured $1.25 MN in funding in a pre-series A round, led by JITO Incubation & Innovation Foundation (JIIF) and ah! Ventures. Other marquee investors, includes HEM Angels, Bestvantage and Beej Network. The platform powers enterprises across Auto, Oil & Gas, Steel, Pharmaceuticals, FMCGs as well as smart city projects to deploy high fidelity digital twins.
Twyn’s platform is unique as it creates phygital twins that not only replicate a live and connected version of the physical asset and environment, but also brings back insights from the digital twin to the physical environment for on-ground optimization of machinery, inventory, and human resources for the manufacturers.
Twyn Founder & CEO Avi Dahiya said, “The DeepTech ecosystem in India is moving away from nascency when it comes to investors’ confidence in the potential of advanced technologies in bringing the next stage of technology innovation. India is being recognized on the world stage for its strengths in building enterprise SaaS with global players looking at ‘Made in India’ solutions to solve industrial and business challenges. There is also a concerted effort by large manufacturers and OEMs to adapt to Industry 4.0 where the role of artificial intelligence, robotics and immersive reality is far more pronounced than earlier times. This puts us in a great position of strength as Twyn is offering the most advanced technology for Phygital Twins that can power manufacturers to embark and expedite their digital transformation in the shortest possible time. We are extremely grateful to our investors for believing in our efforts over the years and in supporting us for the next stage of growth.”
Startup: TAO Digital Solutions
Sector: IT
Amount: INR133 crores
Led by: Anicut Capital
Anicut Capital, an Indian investment firm managing alternative assets, announced investment of INR 133 crores in TAO Digital Solutions through private credit fund, GAF-4. The funds shall be utilized to acquire TriGeo Technologies to expand its digitization services.
TAO Digital Solutions (TAO) is an IT services company working on a mission to unlock limitless digital innovation through solutions and services. The acquisition of TriGeo Technologies (TriGeo), which is a renowned provider of data intelligence services, including data mapping, annotation and labeling, and 3D modeling services underscores TAO’s commitment to using technology as a catalyst for enterprise “Transformation”, “Automation”, and “Optimization”.
Rajkumar Velagapudi, CEO of TAO Digital Solutions said, “We are extremely delighted with the financing received from Anicut Capital. This will play a pivotal role in elevating our offerings to our customers and help us take the next leap in our journey. With the acquisition of TriGeo, our platform is set to incorporate digitization services, annotation & labelling, 3D modeling, and digital twinning capabilities to better serve our customers.”
“We are thrilled to be a part of TAO’s growth journey. We strongly believe that TAO is poised to become a market leader soon, propelled by their technological advancements and with the acquisition of TriGeo, TAO has already taken the first step in that direction.” said A. Jayaseelan, Partner and Chief Credit Officer, Anicut Capital
Startup: AllTrak
Sector: Healthtech logistics
Amount: INR 4.2 crores
Led by: Inflection Point Ventures
AllTrak, a healthcare technology and logistics platform has raised INR 4.2Cr in a pre-series Around led by Inflection Point Ventures. The funds will be allocated towards team expansion, technology enhancement, and logistics operations expansion across multiple cities in India.
AllTrak, B2B HealthTech company, offers end-to-end solution to diagnostic companies.
Vikram Ramasubramanian, Partner, Inflection Point Ventures, says, “Following the challenges posed by the Covid pandemic, we have collectively recognized the vital significance of timely delivery of diagnostic healthcare samples that are essential for optimal patient care and effective treatment planning. The integrated approach designed by AllTrak helps overcome logistical bottlenecks, contributing to more effective and streamlined transportation and tracking for healthcare providers, ultimately contributing to the betterment of the industry. With its timely delivery, AllTrak is a category creator and leader, showing a promising future in the diagnostics healthcare market.”
Amit Gupta, Founder & CEO, AllTrak, says, “India GDP is all set to reach at $5T by Y2027 and $10 by Y2035. Healthcare is going to be one of the important sectors for India to grow. We want to grab this opportunity and build and offer a robust ecosystem for healthcare companies to grow. The support from IPV investors has helped us in the journey and our vision to revolutionize healthcare Industry. We appreciate the overall process for seamless deal flow.”
