Auto-focused Internet of Things (IoT) and artificial intelligence (AI) startup Intangles Lab Pvt. Ltd has raised $10 million (Rs 82.7 crore) in a Series A funding round from Baring Private Equity Partners India.
The Pune-based company plans on utilizing the funding received towards geographical expansion and hiring across teams.
“We are focused on growing our presence across the commercial vehicle segment across the globe. In the coming years, we are aiming to revamp the electric vehicle segment. In the direct market, we are in the process of onboarding vehicle original equipment manufacturers (OEMs). We are also expanding our team,” said Anup Patil, co-founder and chief executive officer, Intangles.
Founded in 2016 by Patil, Neil Unadkat, Jayshri Patil and Aman Singh, Intangles uses IoT and AI-based solutions to provide predictive vehicle health monitoring to OEMs and fleet operators along with repair strategies and recommendations to improve vehicle uptime and profitability.
The main investor in this round, Baring Private Equity Partners India is one of the earliest private equity funds in India with 22 years of investment experience across sectors. The firm led by Rahul Bhasin was spun out of Dutch financial services firm ING as part of a management buyout of different units globally and operates separately from Baring Private Equity Asia.
In 2021, VCCircle reported that the firm invested around $12 million into specialised automotive items supplier Aditya Auto Products & Engineering India Pvt Ltd.
Previously, it had backed companies such as non-bank lender Muthoot Finance Ltd, consumer goods makers Marico Ltd and Dabur India Ltd, and drugmaker Indoco Remedies Ltd.
Meanwhile, India’s IoT space has been garnering investors’ traction for the past few years. Last month, Bengaluru-based internet of things platform str8bat secured an undisclosed amount in a bridge round from SucSeed Indovation Fund, Dholakia Ventures and other angel investors. In 2022, Intugine Technologies Pvt. Ltd secured Rs 19 crore in a pre-Series A funding round led by Mela Ventures.
