Intangles raises $10 million in Series A funding

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We are ecstatic to announce that we have been funded!

What began as a complex but worthwhile endeavour concludes a year later as we close Series A Round with $10 million in funding. The journey to this milestone has been a learning and a success, fast but steady and highly invigorating. What was seeded as a simple vehicle health monitoring solution has grown and transformed into an extensive broad-spectrum Digital Twin solution, ready to take the world by storm. Going forward, we will be in full-throttle mode as we expand and engage all our resources into redefining mobility.

The funding further solidifies our position as India’s defacto automotive AI solution provider, and the proceeds will be used to serve a robust new customer pipeline, expanding our global presence and accelerating hiring to strengthen our product engineering, sales and delivery teams.

Intangles Lab Pvt. Ltd., a provider of digital twin solutions, has raised $10 million in Series A funding from Baring Private Equity Partners India.

The funds will be used to serve a new customer pipeline, expand its global presence, and accelerate hiring to strengthen its product engineering, sales, and delivery teams, said the company in a press release. It claims to have developed in-house IP by leveraging its proprietary digital twin and machine learning paradigms to provide predictive vehicle health monitoring solutions to OEMs and fleet operators.

“We are focused on growing our presence across the entire commercial vehicle segment across the globe. Going forward, we aim to revamp the electric vehicle segment using our ambient cognitive AI technology. To sustain a growth rate of over 200 per cent year-on-year, we are constantly expanding our team by hiring on multiple levels throughout the organisation,” said Anup Patil, Co-founder and CEO of Intangles.

Furthermore, he said that they aim to become the Digital Twin Open-Source Software (OSS) of the world across all segments. “This will be accomplished while helping fleet operators monitor, benchmark, and conduct predictive maintenance of assets and identify underperforming assets to increase overall operational profits.”

Integrating deep competencies in artificial intelligence, predictive analytics, edge computing, and communication technologies has allowed the company to build its product suite, according to Rahul Bhasin, Managing Partner, Baring India. E&Y acted as the financial adviser to the company on the fundraising transaction.

Source : thehindubusinessline

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