Modulor Capital Leads $200K Seed Round Into Industrial IoT Software Company DesignX
The company plans to use the funds to focus on building a comprehensive Industrial Internet of Things (IIoT) software portfolio with a focus on Asset Performance Management leveraging Edge devices
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LambdaTest, a cloud-based testing platform, has announced it has received a Pre-Series A funding of $1 million from Leo Capital, a venture capital firm.
Modulor Capital today announced it had led a $ 200K seed round in Industrial IoT company Design X via its investment vehicle ThinkNext LLC.
DesignX specialises in migrating and bridging manufacturing companies to Industry 4.0. It achieves this through its TechFiles and Hectos products. Techfiles is a SaaS product that is deployed by manufacturing firms to digitise manual paperwork, and further machine digitisation is achieved through its IoT device Hectos. Machine data integrates with TechFiles platform via its proprietary middleware.
"Modulor's investment is a validation of our capabilities and strategy that somewhere in between brown-grass & green-grass machines lies the perfect shade of Industry 4.0," said Rajat Srivastav CEO of DesignX.
The company plans to use the funds to focus on building a comprehensive Industrial Internet of Things (IIoT) software portfolio with a focus on Asset Performance Management leveraging Edge devices, said Nishant Srivastav, COO of DesignX.
"As an early leader in IIoT, DesignX has built strong capabilities in IT-OT integration with its manufacturing customers thanks to deep domain knowledge and software expertise," said Bhavish Sood General Partner at Modulor Capital and incoming board member.
"What attracted us to investing was the quality of client references and their ability to solve outcomes for the most asset-intensive industries," said Neeran Chhiber, General Partner at Modulor Capital and incoming board observer.
Everis Consulting served as financial advisors and Sequitur as legal advisors to Modulor Capital. Venture Garage served as financial advisors to DesignX.
What is Industry 4.0
Bernard Marr Forbes Contributor
DesignX is reimagining how industries install, operate and maintain their assets, unlocking machine data to turn valuable insights into powerful business outcomes. DesignX's portfolio - including the leading Asset Performance Management Solution that includes its manual checks, machine data, maintenance schedule & complete life cycle management helps its customers to utilise assets to the best of its performances. Powered leading cloud platforms & TechFiles: The Complete Factory Operating System for the Industrial Data Management, DesignX enables industrial businesses to operate faster, smarter and more efficiently, wherever their operations require. DesignX has offices in New Delhi and Ahmedabad.