Video platform Gan.ai, electric mobility-focussed EMO Energy, insuretech firm Covrzy and deeptech startup Mozark have raised early-stage funding, the companies said on Tuesday.
Artificial intelligence-backed video platform Gan.ai has secured seed investment of $5.25 million (around Rs 43 crore) led by Sequoia Capital India's accelerator programme Surge, with participation from Emergent Ventures and other angel investors.
The fresh proceeds will be deployed for scaling up operations as well as expanding sales and engineering teams across India and the US.
Founded by Suvrat Bhooshan in 2021, Gan.ai leverages AI to create customised videos at scale and empowering brands to build personal connections with their customers.
“With Gan.ai, businesses will be able to scale their video personalisation process while seamlessly integrating it with existing workflows,” said Bhooshan.
EMO Energy
Deeptech startup EMO Energy has raised $1.2 million (around Rs 10 crore) in a seed funding round co-led by Transition VC and Gruhas.
The Bengaluru-based will deploy the fresh proceeds for research and development and market expansion.
Founded by Sheetanshu Tyagi and Rahul Patel in 2022, EMO offers battery packs for light electric vehicles, which are powered by its proprietary technology.
“Transition VC is also enabling our access to the grid storage market which will help us in deploying our patented technology for grid storage applications shortly,” said Tyagi.
This is Transition VC’s maiden investment from its recently launched energy transition-focused fund which has a corpus of Rs 400 crore and plans to support 40 deeptech startups.
Insurtech startup Covrzy has raised $386,438 (around Rs 3.2 crore) in a pre-seed funding round led by Antler, with participation from Veda VC.
The Bengaluru-based startup will use the fresh funds to develop its technology stack and hire talent.
Founded by Ankit Kamra and Veera Thota, Covrzy is a micro, small and medium enterprise-focused platform which aims to simplify the process of obtaining a business liability insurance for over 60 million MSMEs and startups across India.
“Currently, a fraction of India's 6.33 crore MSMEs have business insurance. Factors such as lack of trust with legacy players and unavailability of customized options contribute to the low penetration of liability insurance,” said Kamra.
The company currently claims to have more than 50 customers, including companies like Karbon Cards and Volopay and partnerships with insurers like ICICI Lombard.
Deeptech startup Mozark secured an undisclosed amount in a venture debt funding round from alternative credit platform BlackSoil.
The Singapore-based startup plans to use the debt raised to expand to newer markets, invest more in research and development (R&D) and grow its product offerings.
Founded by Kartik Raja, Fabien Renaudineau and Chandra Ramamoorthy, Mozark’s platform assists businesses in identifying issues within their digital supply chain and improving the quality of user experience.