The funding will be utilised for serving a new customer pipeline, expanding its global presence and accelerating hiring to augment its product engineering, sales and delivery teams
Intangles Lab Pvt. Ltd., a digital twin solutions providers, has raised $10 million in Series A funding from Baring Private Equity Partners India.
Founded in 2016, Intangles has developed substantial in-house IP by leveraging its proprietary digital twin and machine learning paradigms to provide predictive vehicle health monitoring solutions to original equipment manufacturers (OEMs) and fleet operators.
Intangles claims to be one of the only players globally to have a full stack presence across patented algorithms, advanced hardware devices and a cloud-based data analytics platform.
“In the coming years, we are aiming to vigorously revamp the electric vehicle (EV) segment using our extensive ambient cognitive AI technology. In the direct market, we are witnessing impressive growth pan India and are in the process of onboarding multiple large commercial vehicle OEMs,” said Anup Patil, co-founder and chief executive officer (CEO) of Intangles.
“We aspire to become the digital twin open-source software (OSS) of the world across every segment. Our vision is to bring the power of digital twin technology to every segment across the globe so that it is accessible and beneficial to all. 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.” added Patil.
The funding will reportedly solidify Intangles’ position as India’s de-facto digital twin solution provider and the proceeds will be used to serve a robust new customer pipeline, expand its global presence and accelerate hiring to strengthen its product engineering, sales and delivery teams.
“Integrating deep competency in artificial intelligence, predictive analytics, edge computing and communication technologies has allowed them to build their state-of-the-art product suite. After getting strong traction in the Indian market, they are venturing into western markets. We are privileged to partner with them in this journey,” said Rahul Bhasin, managing partner of Baring India.
Ernst and Young (EY) acted as the exclusive financial adviser to the company on this fundraising transaction.