Venture debt firm Alteria Capital, which roped in an offshore limited partner earlier this year, has invested in Pune-based Haber as part of the industrial startup's Series C investment round as it seeks to expand its operations in North America.
Haber, an AI-driven industrial solutions provider, had raised $38 million in an investment round led by homegrown private equity firm Creaegis, BEENEXT, and Accel. With Alteria's debt financing, Haber has raised $44 million so far.
As part of Series C, Creaegis led the funding, investing $23.9 million, while BEENEXT, and Accel put nearly $10 million and $4 million respectively, VCCircle reported in October citing the company's filing with the Registrar of Companies.
“This success lays the foundation for our next big step — expanding into the Americas, where the demand for industrial AI solutions is immense," said Priya Venkat, co-founder and COO at Haber.
"We also plan to extend our solution to other process manufacturing industries," Venkat added.
While India, the Middle East, and Africa account for about 70-80% of the company's business, the fledgling g operations in North America is expected to become "sizable" likely growing close to 50%, of the business, Haber CEO Vipin Raghavan told VCCircle.
"We aim to at least double our annual recurring run rate. Market demand is there, and we’re building the infrastructure to deliver quickly," Raghavan said, adding that the company plans to hire more engineers and data scientists at its Pune unit.
Haber, which is operated by Elixa Technologies Pvt. Ltd, was founded in 2017 by Raghavan, Priya Venkat and Arjunan PN. The company provides AI-based automated solutions to manufactures to improve production efficiency while cutting down water and energy consumption.
In 2021, the company raised $20 million in a Series B round of funding led by Ascent Capital. Accel led the startup's Series A round in 2019.
Alteria, a Mumbai-based venture debt company founded in 2017 by former Innoven Capital executives Vinod Murali and Ajay Hattangdi, had onboarded International Finance Corporation (IFC) as an offshore limited partner (LP) after securing $12 million from the World Bank Group private sector focused investor.
In March, the venture debt company, which has backed firm like Rebel Foods, marked the final close of its third debt fund after securing Rs 1,550 crore in commitments, exceeding the initial target of Rs 1,000 crore.
