Mixed reality (MR) platform Flam, ice pops brand Skippi, e-mobility startup Maxvolt Energy, artificial intelligence company Inspeq AI and fintech startups AbleCredit and Gravity, secured early-stage funding, the companies said on Tuesday.
Artificial intelligence (AI)-based mixed reality (MR) platform Flam has raised $4.5 million (Rs 38 crore) in a pre-Series A funding round from a host of investors including new investors Turbostart, AI-focused Twin Ventures and Alphatron Capital.
The round also saw participation from existing investors like San Francisco-based Inventus Capital Partners, SVQ, 9Unicorns, undisclosed angel investors and family offices.
With this infusion of capital, Flam plans to expand its platform's reach into North America, Europe, and MENA.
Founded by Shourya Agarwal, the platform offers a device-agnostic MR platform with AI-based features, enabling content publishing and comprehensive analytics for marketers.
The platform has already hosted brands such as Britannia, Netflix, Wargaming, Ajio, Heeramandi, WPP and Indian politician Shashi Tharoor.
Maxvolt Energy
Maxvolt Energy has raised $1.5 million (Rs 12.5 crore) in a funding round from undisclosed angel investors.
Established in 2019, Maxvolt Energy Industries Pvt. Ltd is a manufacturer and supplier of lithium battery packs for electric vehicles (EVs), energy storage systems, and medical device batteries.
"This investment will accelerate our research and development efforts, improve the production capacity, and expand our market reach," said Satendra Shukla, chief business officer, Maxvolt Energy.
The startup has registered a revenue of Rs 48.6 crore in the last fiscal year with 100% compound annual growth rate (CAGR).
Skippi has raised $1.2 million (Rs 10 crore) in a pre-Series A funding round co-led by Hyderabad Angel Network and Venture Catalysts.
The round also saw participation from Soonicorn Ventures, HEM Securities and undisclosed angel investors.
The capital will be primarily allocated to brand building and marketing initiatives, improving working capital, product development and hiring leadership personnel.
According to its statement, the startup is also raising an additional amount of Rs 7 crore in the short term.
Launched in 2021, Skippi is an ice pops brand and is available across 20,000 outlets nationwide and through major online platforms such as Zepto, Swiggy Instamart, Big Basket, Amazon and its website as well.
The brand had earlier secured Rs 1.2 crore in investments from Shark Tank India Season 1 from Aman Gupta, Ashneer Grover, Anupam Mittal, Namita Thapar, Vineeta Singh and Piyush Bansal for an 18% equity stake.
Artificial intelligence (AI)-based credit underwriting company AbleCredit has raised $1.25 million (Rs 10.4 crore) in a seed funding round, led by early-stage venture capital firm Merak Ventures.
The round also saw participation from Venture Catalysts and Helios Holdings.
The startup will use the funding to improve its artificial intelligence (AI) capabilities and expand its presence.
Founded by Utkarsh Apoorva, Harshad Saykhedkar, Ashwini Prabhu and Anubhab Bandyopadhyay, AbleCredit is developing generative AI models that function as AI assistant to the credit team, capable of producing credit reports tailored to each case while adhering to credit policies and guidelines.
The AI, equipped with voice, vision, and language capabilities, improves the efficiency of credit underwriting processes as well as the speed of the underwriting process while reducing operational costs.
Inspeq AI
Inspeq AI has raised $1.1 million (Rs 9.3 crore) in a pre-Series A funding round led by specialist AI investment firm Sure Valley Ventures.
The round also saw participation from Delta Partners and Plug and Play along with angel investors, including Gaurav Singh Kushwaha (BlueStone), Prateek Dixit (Pocket FM), Rick Kelly (ex-Meta Ireland) and Cyril Treacy (ex-Salesforce), among others.
The startup said it plans to use this investment to expand its product development team and extend its marketing and sales operations in India, Ireland, and the UK.
Founded in 2023 in Dublin, Ireland, by Apoorva Kumar (formerly at Microsoft, SAP, Amazon, and Informatica) and Ramanujam Macharla Vijayakumar (formerly at LinkedIn), Inspeq AI has built an enterprise-ready large language model (LLM) operations platform to help developers evaluate and improve their enterprise AI applications.
The company’s platform aims to fasten the generative AI app development process as well as reduce development costs.
Gravity has raised $1 million (Rs 8.3 crore) in a pre-Series A funding round, led by early-stage investor Kettleborough VC. The round also saw participation from undisclosed angel investors and high-net-worth individuals (HNIs).
The startup plans to deploy the raised capital towards the development of its technological stack and execution of organic growth cycles, according to its statement.
Launched in March 2024 by Satish Krishnaswamy and Rohit Maroo, the startup enables interoperability amongst all the underlying banking software managing core banking systems (CBS), payments, loan origination system (LOS), loan management system (LMS), treasury, depository and others.
Using this ecosystem, banks can develop contextual and customised products on top of their existing solutions, as per the customers’ needs and eligibility.