Intangles Secures $10M in Series A Funding for Digital Twin Solutions
- ByStartupStory | February 21, 2023
Intangles, a provider of Digital Twin solutions, has secured $10 million in a Series A funding round from Baring Private Equity Partners India. The company plans to utilize the funds to cater to a fresh customer pipeline, enhance its worldwide footprint, and hasten recruitment to bolster its product engineering, sales, and delivery teams, as per a press release.
Intangles has stated that it is one of the very few companies in the world to possess a complete range of patented algorithms, state-of-the-art hardware devices, and a cloud-based data analytics platform – all of which have been developed in-house. The firm’s Co-founder and CEO, Anup Patil, declared that their objective is to expand their presence in the global commercial vehicle sector. In the years ahead, they plan to employ their comprehensive Ambient Cognitive AI technology to significantly transform the electric vehicle domain.
The CEO of Intangles, Anup Patil, further added that they have been observing remarkable growth throughout India’s direct market and are currently in the process of enrolling several sizeable OEMs in the commercial vehicle sector. Established in 2016, Intangles has been utilizing its exclusive digital twin and machine learning methods to deliver predictive vehicle health monitoring solutions to fleet operators and OEMs. The firm’s significant in-house IP has been established through the efforts of its Co-founders, which include Neil Unadkat (CTO), Aman Singh (Head of Analytics), and Jayshri Patil (Head of Embedded Systems).
According to Rahul Bhasin, the Managing Partner of Baring India, Intangles is a trailblazer in digital twin technology, which has led to the creation of more efficient automotive and industrial applications. The company has harnessed its extensive knowledge of artificial intelligence, predictive analytics, edge computing, and communication technologies to build its cutting-edge product range. Following its successful reception in the Indian market, Intangles is now expanding into Western markets. The company received financial guidance from E&Y, who acted as the sole financial advisor for this fundraising transaction.
During the fiscal year ending in March 2022, vernacular social commerce startup Simsim was acquired by YouTube for an undisclosed amount. Despite now being under the Google umbrella, Simsim’s growth during the period was not particularly rapid. According to the company’s annual financial statement filed with the Registrar of Companies (RoC), Simsim saw a 64.5% increase in revenue from operations to Rs 18.21 crore in FY22, up from Rs 11.07 crore in FY21. However, Simsim’s losses amounted to a staggering Rs 155 crore during the same period.
Simsim’s primary business involves providing a technology platform to merchants and influencers for retailing household, consumer, and fashion products. The company earns a significant portion of its revenue from marketplace services, including transaction fees. In FY22, the collections from these services rose by 69% to reach Rs 13.94 crore, up from Rs 8.24 crore in FY21. Simsim also offers logistics services, which experienced a significant spike, with collections from this vertical more than doubling to Rs 3.18 crore in FY22, while it generated Rs 1.09 crore from promotional activities and other support services.
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