Intangles Raises $10 Million In Series A Funding The company will use the fund raised to serve a robust new customer pipeline, expand its global presence and accelerate hiring to strengthen its product engineering, sales and delivery teams
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Intangles Lab Pvt. Ltd., one of India's fastest-growing Digital Twin solutions providers, has raised $10 Million in Series A funding from Baring Private Equity Partners India. 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, according to the company's official statement. E&Y acted as the exclusive financial adviser to the company on this fundraising transaction.
"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," said Anup Patil, co-founder and CEO of Intangles.
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
"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.