AT7 Technology Inc, which runs speciality chemicals startup Covvalent, on Monday said it has secured seed funding of $4.3 million (around Rs 34.4 crore) led by early-stage venture capital firm Nexus Venture Partners.
The round also saw participation from a clutch of angel investors and founders including Vishal Chaudhary (Zetwerk), Ramakant Sharma (Livspace), Rajesh Yabaji (BlackBuck) and Kaushal Soparkar (Meghmani Group), among others.
The Gurugram-based company will deploy the fresh proceeds to scale up its product and business teams as well as to ramp up supply chain efficiencies.
Founded by Sandeep Singh and Arush Dhawan this year, Covvalent claims to solves core issues of the cross-border supply chain, including supplier discovery, delivery delays and quality rejections.
“Specialty chemicals as a sector is undergoing a revolution driven by leaps in globalization, technology, and logistics. We plan to deliver solutions for our customers by integrating technology with strong on-ground operations, assuring timely delivery and quality,” Singh said.
“The global supply chain for specialty chemicals is ripe for disruption - new production centers and more efficient supply chains will emerge, enabled by technology,” said Anand Datta at Nexus Venture Partners.
Nexus Venture Partners has been partnering with entrepreneurs building product-first companies. It has invested in over 75 startups focusing on consumer retail, business services, healthcare, education as well as enterprise technology.
Earlier this month, Nexus led an investment round of $8 million in US-based fintech player Doola. In August, the VC firm had backed fintech startup Jify in a $10 million funding.
