CloudWorx Technologies Pvt. Ltd, a no-code platform for Internet of Things (IoT) and smart home businesses, has raised seed funding from a clutch of investors, chief executive officer Yuvraj Tomar told VCCircle.
Tomar said CloudWorx raised the seed funding from angel investment firm LetsVenture, angel network Faad Network and AppyHigh Technology LLP, a launchpad for tech startups. He didn’t disclose financial details.
The startup will use the funds to build its team and launch its product for consumers by the end of its year, he said.
Tomar launched the startup in December last year along with Pushpahas Bettad, who is chief technology officer at CloudWorx, and Dinesh Mohan Prasad, the chief business officer.
The company’s product Autocode, which helps users create and publish apps, games and servers without writing any code, is at a beta stage. But it already has a few enterprises, including one in the US, as paying customers.
It also plans to use the funds to enter the European Union and the US.
This is not Tomar's first stint at entrepreneurship. He had earlier founded Thinqbot Technologies Pvt. Ltd, a home technology solution provider. A graduate of the Punjab Engineering College in Chandigarh, he previously worked with companies such as Wipro, Google and Cisco.
Bettad, a graduate of the National Institute of Engineering, Mysore, was earlier designated as a cloud engineer at Thinqbot and previously worked with Wipro. Prasad was earlier at Qualcomm as head of devices for India and South Asia. He has also been an active investor and adviser to enterprises and startups, said Tomar.
CloudWorx joins a handful of startups developing no-coding platforms to attract venture capital investments this year.
Just last month, JIFFY.ai, a US- and -India based enterprise automation startup, raised $18 million in its Series A funding round led by Nexus Venture Partners. JIFFY.ai has launched its first unified automation and no-code app development platform for finance and operations.
In May, CodeNinja.ai Inc., which operates the software-as-a-service (SaaS) based no-coding platform CodeNinjai.ai, raised seed funding from angel investors. It raised the capital from the Early Adapters Syndicate of LetsVenture.
Last year, Kuliza Technologies Pvt. Ltd raised venture funding from a US investor. The startup had said it would focus on a no-code platform for financial enterprises that help its clients develop software quickly without coding.
Investors
LetsVenture has been quite active in striking deals in the past months. Just last week, its Early Adapters Syndicate (EaSyndicate) invested in used-car leasing startup PumPumPum. Recently, LetsVenture also invested in social video platform MitronTV and electric taxi-hailing and riding platform Blu Smart Mobility.
In May, LetsVenture floated a new platform targeted at ultra-high-net-worth individuals (UHNIs) and family offices called LetsVenture Plus. The platform operates on an invite-only basis and will allow both UHNIs and family offices to invest in growth-stage startups.
Faad Network started as a startup services provider in 2015. It made its first angel investment in online eyewear marketplace ClearDekho in 2017 and has invested in other startups such as customer feedback analytics software Fella Feeds and co-working startup Stylework.
Karan Verma, co-founder and director, told VCCircle that the angel network invests between $50,000 and $500,000 in early-stage startups.
AppyHigh, which was founded in 2015, helps technology startups grow their business and co-publish apps for developers.