Funding news
Drone tech startup Urban Matrix raises Rs 6 Cr in pre-Series A round
UrbanMatrix Technologies raised Rs 6 crore in a pre-Series A round led by Inflection Point Ventures for product development, team expansion, and market expansion.
Founded in 2019, UrbanMatrix is a provider of industrial drones and software for various applications, including surveying, surveillance, agriculture, AI-aided inspection, and defence. The company uses advanced quantum encryption technology and cloud integration for data safety, ensuring reliable and efficient drone operations.
It has a 3,000-square-foot commercial space, which it uses for quantum encryption and tamper-proofing for data security and reliability. It has also partnered with ISRO, Paras Aerospace, and ATV.
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L-R_Rishabh Verma_CEO, Ashutosh Kumar_CTO, Ajay Karthik_Co-Founder, Divyanshu Pundir _CTO, Urban Matrix
” align=”center”> L-R_Rishabh Verma_CEO, Ashutosh Kumar_CTO, Ajay Karthik_Co-Founder, Divyanshu Pundir _CTO, Urban Matrix
Deep tech IoT startup Datoms raises $1.2M led by Yournest VC
Datoms, an Indian industrial deep tech IoT startup for OEMs, raised $1.2 million (about Rs 10 crore) in a pre-Series A round led by Yournest Venture Capital.
It plans to use the funding to strengthen its product offerings to build various use cases in the construction warehousing industry. It will also focus on enhancing in-house AI/ML capabilities and market expansion across India and the Middle East.
Phoenix Robotix, the parent company of Bhubaneswar-based Datoms, was founded in 2021. It developed a connected operations cloud that consolidates people, processes, and machine operations on a single platform.
The platform enables human-capital heavy sectors like construction, warehousing, agriculture, mining, and ports to achieve higher efficiency and automate asset maintenance and activity planning.
Datoms’ solution can reduce fuel expenses, manage machine fleets, simplify compliance procedures, and streamline communication among stakeholders.
Other news
Incubate Fund Asia elevates Rajeev Ranka, Dave Kwong to partners
Incubate Fund Asia, a Japanese venture capital fund specialising in seed-stage investment, has promoted Rajeev Ranka and Dave Kwong to partners owing to their significant contributions and expertise in the Indian and Southeast startup ecosystem.
The move aims to build a portfolio of around 20 startups with its third fund targeting a $50 million corpus.
Ranka and Kwong, Partners of Incubate Fund Asia, have been instrumental in the success of India-focused startups. They will continue to work closely with founders and entrepreneurs, shaping their startups’ future and managing the fund’s investment strategy.
Incubate Fund Asia, a fund backed by Incubate India, aims to foster innovation and startup growth in Asia. It has supported 27 Indian companies in various sectors, with an average deal size of $500,000 to $1.5 million.
10club introduces a strategic pivot; 10clubhomes.com
Fireside Ventures-backed startup 10club has pivoted to 10clubhomes.com in its next phase of growth to organise the unfragmented $30 billion home and kitchen industry.
Led by Bhavna Suresh, the Rs 100 crore revenue run rate company has consolidated businesses into one robust brand that will now cater to India’s value segment in the home and kitchen space.
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10club team
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10Club is also expanding its offline presence in phase one by partnering with Wakefit and Pepperfry and strengthening its presence with flagship stores in metro cities in phase two.
The brand aims to become India’s largest home and kitchen brand, with over 85% of its sourcing from local resources.
Co-working startup Innov8 to double its coworking centres in FY24
Co-working startup Innov8 plans to double its footprint in FY23-24 by adding five new centres in key business cities and launching five more in the current quarter.
With ongoing expansion, Innov8 and its partners will invest over Rs 100 crore to add about 8,000 seats and 300,000 sq. ft of co-working space across Delhi-NCR, Mumbai, Pune, Bengaluru, and Chennai.
The company will also set up 10 additional centres in the last quarter, bringing its total to 20. Innov8 had 20 centres across nine cities at the beginning of 2023.
Its “5 mins to a metro station” strategy has driven growth, with over 90% occupancy, high demand, and healthy rentals in its co-working centres across India.
(This article will be updated with the latest news throughout the day.)
Edited by Suman Singh
