In its initial round of funding, Leanworx, a Bengaluru-based startup that provides real-time data to manufacturing plants, has raised Rs 8.3 crore, or roughly $1 million. With Rs 6.5 crore and Rs 1.5 crore from an angel investment group, YourNest Venture Capital led the round.
This investment is a component of the YourNest-SanchiConnect Velocity Program 2024, an accelerator program created to help high-growth companies like Leanworx by giving them access to markets, mentorship, and strategic funding.
According to a press release from Leanworx, the money raised will be used to expand marketing and lead generation initiatives in Southeast Asia and India as well as to advance product development, including the certification of hardware and software.
Leanworx is a state-of-the-art, AI-powered machine monitoring system that gives decision-makers real-time, actionable data from shop-floor machines, enabling quicker and more precise decision-making. The company was co-founded in 2017 by D. Srihari, Bhagavan S. K., and Dasarathi G. V.
With the help of Industry 4.0 cloud-based SaaS solutions and Internet of Things devices, Leanworx hopes to enable manufacturing facilities to obtain real-time data from their machines. The company’s Industry 4.0 machine monitoring system uses analytics and artificial intelligence to deliver data from machines to decision-makers in just one minute. Currently, the data chain is based on people and paper and takes 24 hours.
Market research indicates that the Industry 4.0 shop floor monitoring market in India comprises more than 3 lakh metalworking and FMCG manufacturing machines, with a global market that is 60 times larger.
Leanworx’s system provides a plug-and-play, IoT-enabled solution that gives managers precise data in just one minute, as opposed to the 24 to 36 hours it usually takes for traditional data processes. This eliminates the hassle of machine capacity, which has low utilization, often between 30% and 50%, due to delays and inaccuracies in the current paper-based data collection systems.
