The funding will be utilised for serving a robust new customer pipeline, expanding its global presence and accelerating hiring to augment its product engineering, sales and delivery teams.
Pune, February 21, 2023 - Intangles Lab Pvt. Ltd., one of India’s fastest-growing Digital Twin solutions providers, successfully raises $10 Million in Series A funding from Baring Private Equity Partners India.
Founded in 2016 by four industry experts, 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 OEMs and fleet operators. It is one of the only players globally to have a full stack presence across patented algorithms, advanced hardware devices and cloud-based data analytics platform – all developed in-house.
“We are focused on growing our presence across the entire Commercial Vehicle segment across the globe. In the coming years, we are aiming to vigorously revamp the Electric Vehicle 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. To sustain a growth rate of over 200% year-on-year, we are constantly expanding our team by hiring on multiple levels throughout the organisation.”
“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.” said Anup Patil, Co-founder and CEO of Intangles.
The funding further solidifies 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.
“Intangles is a leader in Digital Twin technology, enabling efficiencies in automotive and industrial applications. 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, Baring India.
EY acted as the exclusive financial adviser to the company on this fundraising transaction.
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