Bengaluru-based Startup 'Leanworx' raises Rs. 8.3 crore in Seed Funding Round
In its seed funding round, Bengaluru-based startup Leanworx, which provides real-time data to manufacturing plants, raised Rs. 8.3 crore, or roughly $1 million. With Rs. 6.5 crore from YourNest Venture Capital and Rs. 1.5 crore from an angel investment group, YourNest Venture Capital led the round.
This funding is a component of the YourNest-SanchiConnect Velocity Program 2024, an accelerator program that offers market access, mentorship, and strategic funding to high-growth startups such as Leanworx.
According to a press release from Leanworx, the money will be used to expand marketing and lead generation initiatives in India and Southeast Asia as well as to enhance product development, which will include hardware and software certification.
Leanworx is a cutting-edge machine monitoring system powered by artificial intelligence (AI) that provides decision-makers with real-time, actionable data from shop-floor machines, enabling faster and more accurate decision-making. The company was co-founded in 2017 by D. Srihari, Bhagavan S. K., and Dasarathi G. V.
Leanworx wants to enable manufacturing facilities to use Industry 4.0 cloud-based SaaS solutions and Internet of Things (IoT) devices to obtain real-time data from machines. Using AI and analytics, the company's Industry 4.0 machine monitoring system provides decision-makers with machine data in just one minute. The present data chain, which is based on people and paper, takes a day.
Based on market research, India's Industry 4.0 shop floor monitoring market comprises more than 3 lakh metalworking machines and 9 lakh FMCG manufacturing machines, with a global market that is 60 times larger.
Rather than requiring the 24 to 36 hours that traditional data processes take, Leanworx's system provides managers with precise data in just one minute.
This funding is a component of the YourNest-SanchiConnect Velocity Program 2024, an accelerator program that offers market access, mentorship, and strategic funding to high-growth startups such as Leanworx.
According to a press release from Leanworx, the money will be used to expand marketing and lead generation initiatives in India and Southeast Asia as well as to enhance product development, which will include hardware and software certification.
Leanworx is a cutting-edge machine monitoring system powered by artificial intelligence (AI) that provides decision-makers with real-time, actionable data from shop-floor machines, enabling faster and more accurate decision-making. The company was co-founded in 2017 by D. Srihari, Bhagavan S. K., and Dasarathi G. V.
Leanworx wants to enable manufacturing facilities to use Industry 4.0 cloud-based SaaS solutions and Internet of Things (IoT) devices to obtain real-time data from machines. Using AI and analytics, the company's Industry 4.0 machine monitoring system provides decision-makers with machine data in just one minute. The present data chain, which is based on people and paper, takes a day.
Based on market research, India's Industry 4.0 shop floor monitoring market comprises more than 3 lakh metalworking machines and 9 lakh FMCG manufacturing machines, with a global market that is 60 times larger.
Rather than requiring the 24 to 36 hours that traditional data processes take, Leanworx's system provides managers with precise data in just one minute.
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