Venture Garage advises Designx on $200K Seed Round Funding from Modulor Capital
New Delhi – March 17, 2020 – Venture Garage, an advisory firm for early stage startups, served as financial advisors to DesignX for its fund raise of $200K from Modulor Capital.
“DesignX has a strong clientele of global manufacturing companies. With Modulor coming on board the product offering and the traction will get a boost.”,said Vineet Sagar, Co- founder and Managing Partner at Venture Garage.
DesignX is an Industrial IoT company that specialises in migrating and bridging manufacturing companies to Industry 4.0. It achieves this through its TechFiles and Hectos products. Techfiles is a SaaS product that is deployed by manufacturing firms to digitise manual paperwork, and further machine digitisation is achieved through its IoT device Hectos. Machine data integrates with TechFiles platform via its proprietary middleware.
According to Wikipedia, “Industry 4.0″ factories have machines which are augmented with wireless connectivity and sensors, connected to a system that can visualise the entire production line and make decisions on its own. In essence, industry 4.0 is the trend towards automation and data exchange in manufacturing technologies and processes which include cyber-physical systems (CPS), the internet of things (IoT), industrial internet of things (IIOT), Cloud computing and Artificial Intelligence.
“Modulor’s investment is a validation of our capabilities and strategy that somewhere in between brown-grass & green-grass machines lies the perfect shade of Industry 4.0,”said Rajat Srivastav CEO of DesignX.
The company plans to use the funds to focus on building a comprehensive Industrial Internet of Things (IIoT) software portfolio with a focus on Asset Performance Management leveraging Edge devices,aid Nishant Srivastav, COO of DesignX.
“As an early leader in IIoT, DesignX has built strong capabilities in IT-OT integration with its manufacturing customers thanks to deep domain knowledge and software expertise,”said Bhavish Sood General Partner at Modulor Capital and incoming board member.
“What attracted us to investing was the quality of client references and their ability to solve outcomes for the most asset-intensive industries,”said Neeran Chhiber, General Partner at Modulor Capital and incoming board observer.
About Venture Garage:
Venture Garage handholds startups to help them raise capital from its network of 700+ Angel Investors, Venture Capitalists, Strategic Investors and Family Funds. Venture Garage specializes in early-stage investments across Seed to Series B stages starting from $100K to $5mil. Established in 2015, Venture Garage manages a network of 30,000+ entrepreneurs and is present in Mumbai, Bengaluru, NCR, Hyderabad, Jaipur, Pune & Chandigarh.
For more information, please visit the company’s website at www.venturegarage.in/
DesignX is reimagining how industries install, operate and maintain their assets, unlocking machine data to turn valuable insights into powerful business outcomes. DesignX’s portfolio includes the leading Asset
Performance Management Solution that covers assets’s manual checks, machine data, maintenance schedule & complete life cycle management helps its customers to utilise assets to the best of its performances. Powered by leading cloud platforms & TechFiles: The Complete Factory Operating System for the Industrial Data Management, DesignX enables industrial businesses to operate faster, smarter and more efficiently, wherever their operations require. DesignX has offices in New Delhi and Ahmedabad.
About Modulor Capital:
Modulor Capital is a technology and health-tech focussed micro VC fund. We invest in startups that have achieved product-market fit and are in the early stages of building out their businesses. As active co-investors, our strength lies in leveraging our proprietary Quagrow TM playbook to help build commercial scale for early-stage startups. Modulor has offices in Seattle, New Delhi and Chandigarh.
Vineet Sagar, Venture Garage
Vineet@venturegarage.in | +919871515099