Cusmat Raises $3.5 Million In Series A Funding The company plans to utilise the fresh funds to strengthen R&D and enterprise sales, besides growing their international presence, and adding newer industry-specific skills to their offering
By Teena Jose •
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Cusmat, an immersive skilling platform that enterprises use to upskill their industrial workforce, has raised $3.5 million in Series A funding round led by Arkam Ventures along with participation from Unitus, Better Capital, Venture Catalysts, MapMyIndia, 9 Unicorns, We Founder Circle, Mumbai Angels Network, Dholakia Ventures, Ice VC, and Legacy asset LLP. The company plans to utilise the fresh funds to strengthen R&D and enterprise sales, besides growing their international presence, and adding newer industry-specific skills to their offering.
"The metaverse is the ideal environment to develop muscle memory for real-world activities. The initial traction and great feedback from large enterprises in India and South Asia has convinced us of the product market fit for our skilling metaverse platform. While the technology platform is ready for wide-scale adoption and is backed by strong large enterprise references, our continued investment in product R&D and Engineering will work in sync with our efforts in scaling up enterprise sales," said Abhinav Ayan, co-founder and CEO, Cusmat.
Cusmat's experience with industrial brands in India and in some South Asian markets has shown that the 'skilled via the Metaverse' workforce is 30% more productive, 25% more efficient, and 70% safer than their peers. Furthermore, the retention rate for those 'skilled on the metaverse' is very high, hovering at 70% on an average, claimed by the company in a statement.
"Industrial workers in sectors like mining, pharma, logistics, steel operate complex and high-cost machinery that directly impacts top line and efficiency. Cusmat's VR based industrial skilling software is a game changer that dramatically improves worker productivity and reduces training time from months to days. We were impressed by customer love for this product and also validation of business value," said Bala Srinivasa, managing director, Arkam Ventures.
Cusmat is the first immersive skilling platform with real-world application that has helped industries close the skills gap and improve crucial business metrics that have a positive influence on both the top and bottom lines as well as employee morale.
