Funding alert: Tech startups that raked in moolah this month

The Tech Panda takes a look at recent funding events in the tech ecosystem, seeking to know where the cash is flowing.

Startup: Aarna.ml

Sector: GPUaaS

Amount: US$6.7 million

Led by: Exfinity Venture Partners

Aarna.ml, a provider of open-source GPU-as-a-Service (GPUaaS) AI Cloud software, announced that Exfinity Venture Partners has joined the company’s Series A funding round of $6.7M. This investment marks a significant step in Aarna’s mission to transform the AI Cloud landscape. Aarna. ml plans to utilize the fresh capital to accelerate product development for the GPU cloud management use case.

This news comes on the heels of Aarna.ml’s successful Series A round, which closed in October 2023 with $5.5 million raised from prominent investors like NVIDIA, LDV Partners, 3Lines, CARAT Venture Partners, and others. This additional funding brings the total Series A investment to $6.7 Million.

Aarna.ml enables GPU-as-a-service providers and NVIDIA Cloud Partners (NCP) to offer hyper scaler-grade multi-tenant GPU instances with full isolation while leveraging a common underlying GPU pool. This new funding will help Aarna extend its platform to the GPU reference architectures that include high-speed networks and storage. The company lists Tigo, LGE, Equinix, Keysight, CableLabs, and CapGemini Engineering as its customers.

Amar Kapadia, Co-founder and CEO of Aarna.ml commented, “We are thrilled to partner with Exfinity Venture Partners. Beyond the financial support, Exfinity’s expertise in scaling deep-tech startups in cross-border settings will significantly aid our expansion. With Exfinity’s backing, we are poised to extend our reach and enhance our impact in the industry.”

Startup: Two Point O Capital

Sector: Clean energy

Amount: US$6.3 million

Led by: Omnivore

Two Point O Capital, a climate financing platform for businesses (including MSMEs and rural enterprises), raised $6.3 million in Seed funding. Omnivore led the round with participation from Multiply Ventures, RTP Global, GrowX, Spectrum Impact, and a group of marquee angels.

Two Point O addresses a substantial gap in debt financing within the distributed clean energy sector by catalysing investments through innovative financial solutions.

With this funding, Two Point O will strengthen its tech-enabled platform to source, underwrite, finance  and monitor distributed projects in clean energy segments such as solar rooftops, energy efficiencyequipment, and wastewater treatment. The company plans to work with various operating and financial partners to build a high-quality portfolio and manage it through its lifecycle on this platform.

Abhilash Sethi, Investment Director of Omnivore, commented, “Two Point O’s innovative approach to climate financing has the potential to significantly accelerate India’s clean energy transition, with special focus on the underserved sectors such as rural and agriculture. By unlocking capital for distributed energy assets in rural India, the startup empowers businesses nationwide to embrace sustainability. The founding team brings incredible experience from the relevant sectors, and we are excited to partner with them.”

Startup: IG Drones

Sector: Drones

Amount: US$1 million

Led by: India Accelerator & Angel Investors

IG Drones, Indian Drone Tech and AI company, secured a substantial investment of USD 1 million at an undisclosed valuation. The first funding round was led by India Accelerator and Angel Investors marking a significant milestone in IG Drones’ journey as a trailblazer in the industry. A significant portion of the funding will be allocated to advancing research and development, focusing on creating state-of-the-art drone solutions tailored for defense applications. This endeavor will involve collaboration with international companies specializing in the defense and aerospace sectors. It also plans to raise an additional $3 million over the next six months to further expand its operations in India and globally.

Ashish Bhatia, Founder & CEO at India Accelerator, remarked, ” IG Drones is innovatively pushing the boundaries of aerial technology and redefining the future of industries. Its advanced tech-based solutions are not only transforming operations across sectors but also driving efficiency and scalability in truly remarkable ways. We look forward to supporting their journey as they take flight and lead the charge in this rapidly evolving space.”

Startup: Social Hardware

Sector: Assistive devices, bionics & field robotics

Amount: INR 3.2 crore

Led by: Inflection Point Ventures

Social Hardware, an inclusive innovation startup that designs and develops cutting-edge assistive devices, bionics, and field robotics, has raised INR 3.2 Crore in a Seed Round led by Inflection Point Ventures, with Ivyleague Ventures and Soonicorn Ventures participating as co-investors. The funds will be allocated towards key growth and go-to-market (GTM) initiatives, building a strong marketing and sales team, establishing an advanced R&D facility, expanding in-house manufacturing capabilities, and strengthening R&D efforts.

Social Hardware specializes in teleoperated robotic systems designed for hazardous operations. The company serves industries such as manufacturing, infrastructure, defense, and aerospace, delivering innovative solutions that enhance safety and operational efficiency in challenging environments.

Vikram Ramasubramanian, Partner, Inflection Point Ventures says, “Technology went far and beyond in many sectors but remained untouched in some like manufacturing, defense, and aerospace where it still needs human intervention. The challenge of hazardous operations in these sectors has posed a long threat to safety, often limiting innovation and progress. Social Hardware; with its teleoperated robotic system, addresses this critical issue by offering safer alternatives like robots that can be controlled remotely, removing the physical need of a human in a dangerous environment. With innovation that brings inclusivity to both sectors and society, Social Hardware is a pioneer that will bring out positive change in manufacturing, defense, and aerospace sectors.”

The company operates with a team of 17 across two locations in Bengaluru, including a corporate office in Hebbal and an R&D facility in Rajajinagar. Currently, Social Hardware has a production capacity of 12 units for FY 2024-25, which is set to triple to 36 units by FY 2025-26, aiming for a revenue capacity of ?24.76 crore.

Startup: Nayan Tech

Sector: AI

Amount: Undisclosed

Led by: BEENEXT

Nayan Tech, an innovative AI-based startup providing smart city solutions for traffic monitoring, municipal automation, urban infrastructure management driver behaviour monitoring, fleet management and passenger safety, successfully raised an undisclosed amount in its Pre-Series A funding round led by BEENEXT and other investors including We Founder Circle, Venture Catalysts, Lets Venture, FAAD Capital. The funds will be utilized to expand Nayan’s AI and IoT-powered solutions businessand operations in India as well as internationally, which harness data to address critical urban challenges, including traffic management, road safety, infrastructure monitoring and driver behaviour monitoring through Nayan’s AI Powered Dashcam.

Founded by Dr. Jayant Ratti, a robotics and AI expert with over 100 patents and a career spanning leading global companies like Boeing and DARPA, Nayan Tech aims to revolutionize how cities manage their urban infrastructure. Through the integration of AI, computer vision, and IoT devices, Nayan’s solutions provide real-time insights for urban planners, city administrators, and businesses.

“Nayan’s AI-powered Dashcams are designed to provide city administrations and businesses with precise, real-time data that can help tackle the most pressing challenges of urban infrastructure, road safety and fleet management. Our technology ensures safer roads, more responsive city management, and optimized traffic flows through smart data utilization. Through a single deployment, Nayan is able to serve benefits to multiple government bodies and businesses like Transportation, Traffic Police, Civic Bodies, Insurance Companies and Fleet Companies. We are excited to have We Founder Circle’s backing as we continue to scale our solutions across India and beyond,” said Dr. Jayant Ratti, Founder & Managing Director of Nayan Tech.

Neeraj Tyagi, Co-Founder of We Founder Circle, added, “Nayan Tech is at the forefront of a transformation in urban management and smart city solutions. Their AI Dashcams and its data model have the potential to significantly improve road safety, traffic monitoring, and infrastructure management, which are critical for India’s rapidly growing cities. We are proud to support Nayan Tech in their mission to make cities smarter, safer and more responsive.”

With the newly raised funds, Nayan Tech plans to expand its AI-powered offerings and scale its operations across more Indian cities as well as internationally in US, South East Asia, UAE and others. The company is now manufacturing its own AI powered Dashcams suitable for all vehicle types for real time updates on Driver Behaviour, Passenger Safety, Road and Urban infrastructure conditions, Traffic Violations Management as well as Fleet Management.

Startup: BioPrime

Sector: biologicals

Amount: US$6 million

Led by: Edaphon

BioPrime, a company in the biologicals space, raised a $6 million Series A round, led by Edaphon, with equal participation from existing investors Omnivore and Inflexor. This marks Belgium-based Edaphon’s first investment in Asia. This investment will fuel BioPrime’s research in the crop protection segment, focusing on the co-development of novel biofungicides & bioinsecticides.

The company plans to launch its existing range of innovative biostimulants in North America, Brazil & Southeast Asia with trials in the US currently underway. Furthermore, BioPrime plans to advance & accelerate product development based on BioNexus, the patented technology platform, which has identified over 170 novel microbial strains from its library of close to 18,000 strains. BioPrime will continue to steadily move away from a one-product-fits-all approach and enhance B2B customer experience by offering products customized to the exact customer needs. The startup’s goal remains – From Nature, For Nature.

Dr. Renuka Diwan, Co-founder & CEO, commented on the funding, “Securing this investment is a testimony to the strength & impact of our technology and the dedication of our team. We will continue to pursue our strategic priorities of accelerating the development of industry solutions in the biologicals space. We look forward to enhancing the offerings to our existing B2B customers & entering into strategic co-development & licensing with industry players.”

Startup: SPRY Therapeutics

Sector: physical therapy

Amount: US$15 million

Led by: Flourish Ventures, Together Fund, Fidelity’s Eight Roads, F-prime Capital

SPRY Therapeutics, the innovator behind physical therapy’s first AI-driven practice management platform, secured $15 million in funding to fuel its rapid expansion across the United States. This latest round, spearheaded by Flourish Ventures, Together Fund, and Fidelity’s Eight Roads and F-prime Capital, brings SPRY’s total funding to $25 million since its 2021 launch.

SPRY’s groundbreaking SaaS platform is reshaping the landscape of physical therapy practice management. By seamlessly integrating clinical, finance, and administrative functions,

“SPRY is the future of outpatient PT EMR,” said Dominick Gabor of the San Ramon Clinic in a G2 software review. “The charting is fast and efficient, the billing team works with you to get the processes in place for your business, responsive help and support, zero lag time on billing during transfer. SPRY is a forward-thinking company who listens to customers to make impactful changes. It limits the time therapists are on the computer, minimizing accounts receivable and maximizing revenue per visit, thereby increasing efficiency at the front desk.”

Startup: Traqo.io

Sector: Logistics

Amount: undisclosed

Led by: We Founder Circle

Traqo.io, a no-code Third-party logistics management platform for the manufacture, raised an undisclosed amount in its pre-seed funding round, led by We Founder Circle. Promising to revolutionise logistics, the innovative platform offers real-time, integrated management solutions that eliminate the need for manual processes like spreadsheets and reduce operational inefficiencies.

Mukesh Deogune, Founder of Traqo.io  says “Traqo is enabling logistics stakeholders to manage their operations on a single, neutral platform, ensuring greater transparency, efficiency, and scalability. With the backing of We Founder Circle, we are set to expand our AI-driven features and empower businesses to gain full visibility and control over their logistics.”

The innovative start-up has 51+ SMEs onboard and growing at 3X YOY. The start-up is further looking at a Total Addressable Market (TAM) of USD 215 billion, with pan-India and global opportunities. The latest infusion of funds are going to be used for scaling Traqo’s AI and tech team, enhancing the platform to meet the growing demands for efficient logistics solutions in the manufacturing and e-commerce sectors.

Startup: Alchemyst AI

Sector: Gen-AI SaaS

Amount: US$300K

Led by: Inflection Point Ventures

Gen-AI SaaS start-up Alchemyst AI has raised $300K in a pre-seed round led by Inflection Point Ventures, along with 100Unicorns & Early Seed Ventures. Alchemyst AI will use the funds to enhance GPU (graphics processing unit) and technology infrastructure, support team development, scale operations, and drive growth.

Uttaran Nayak, Co-Founder & CEO, Alchemyst AI, said, “At Alchemyst AI, we are pioneering the development of fully autonomous gen-AI digital employees which can interact with each other & perform highly intelligent functional components across enterprise teams. We are crafting the future of workforce and spearheading the next industrial revolution. These gen-AI digital employees democratize the entire workforce without human intervention at any stage. Over the past 12 months, we have had a unique vantage point as we have watched the bot/agent/AI digital employee landscape evolve and transform. We also observed that most of the application layer companies are dependent on generic foundational models to carry out automation in the workforce. These dependencies often slow down a company’s scalability and make it defenseless and vulnerable. Alchemyst AI was born to solve these challenges, with a strong technological understanding & non-dependency on any generic LLM models.”

Alchemyst AI is about to expand across major global markets, including India, the USA, MENA (Middle East), and South East Asia even as the global market for Generative AI is expected to grow substantially to $330 billion by 2030.

Startup: Tablesprint

Sector: AI no-code

Amount: US$ 1 million

Led by: Group of investors

Tablesprint, an AI-powered no-code app builder, raised around USD 1 million funding round led by a group of prominent angel investors and syndicates including Ankit Bhati (Co-Founder, Ola), Ajeet Khurana (Founder, Reflexical), Sunil Sharma (CEO, Coingape), BlueLotus Ventures, TDV Partners, DGC Ventures, and Abhijeet Bhandari (Advisor-startups).

This funding will enhance Tablesprint’s offerings, helping the company strengthen its team and drive product development, furthering its mission to empower enterprises with no-code, future-ready apps at a fraction of the cost and time typically associated with traditional app development.

“We are building an AI-powered platform that helps enterprises go live in minutes, not months. By delivering a consumer app-like experience for enterprise use cases, we enable simple workflows to scale into complex, enterprise-grade systems, allowing businesses to adapt and grow seamlessly.” said Abhijeet Kumar, Co-Founder and CEO of Tablesprint. He has previously co-founded RainCan, a B2C subscription startup that was acquired by BigBasket and rebranded as BBdaily.

Tablesprint’s clients include large enterprises like Flipkart and startups in the wealth management space such as Elever. The platform is also running pilot programs with medium and large global enterprises across industries such as manufacturing, distribution, and investment management.

Startup: Optimized Electrotech

Sector: deep-tech, defence

Amount: INR 25 crore

Led by: Defence Space Administration

Optimized Electrotech, a deep-tech and defence technology startup, winners of the ADITI 1.0 iDEX-DIO Challenge by Defence Space Administration under the IDEX initiative, were awarded a grant of INR 25 crore, by the Government of India, the highest grant offered under any government program, for its groundbreaking innovation.

Sandeep Shah, Co-Founder, Managing Director, Optimized Electrotech said, “”It is an honor to be recognized by the Ministry of Defence at DefConnect 4.0. This award is a testament to our team’s dedication to delivering transformative solutions for national security. It marks a significant milestone in our journey towards advancing India’s space situational awareness capabilities.”

The company aims to utilize the grant to further develop solutions aligned with India’s defense modernization goals and contribute towards the vision of Atmanirbhar Bharat (self-reliant India).