Internet-of-things (IoT) startup Proxgy, agriculture-focussed fintech startup KiVi, logistics startup Oorjaa and artificial intelligence-based startup Docker Vision secured early-stage funding, the companies said on Thursday.
Industrial IoT startup Proxgy raised $1.9 million (Rs 16 crore) in a pre-Series A funding round in a mix of primary and secondary infusions. The quantum of investments remain undisclosed.
The startup has thus raised funding from a host of investors including LetsVenture, Planify Angel Fund, Mach Tech Fund, Cogniphy Angel Fund, Madhuram Papers Family Office, AKGVG & Associates among others.
Additionally, the pre-money valuation of the startup for the current round was Rs 150 crore, the company said in a statement.
The raised funds will be deployed to improve Proxgy’s Industrial IoT infrastructure, capex requirements for new product development, research and development (R&D) endeavours.
Founded in 2020 by Pulkit Ahuja, Proxgy offers a range of IoT solutions that cater to the needs of blue-collar workers operating in various industries. Proxgy’s ecosystem includes fintech, oil and gas, mining, manufacturing, factories, worker safety, insurance, worker compensation management, body cams, insurance claims, inspections, policing, remote assistance, warehousing, logistics and transportation.
It counts ICICI Bank, Bank of India, and Bank of Baroda, among others as part of its client portfolio.
Agrosperity Tech Solutions Pvt. Ltd, which operates KiVi, has raised $1.8 million (Rs 15 crore) in a seed funding round from a host of investors including Caspian Leap for Agriculture Fund, Piper Serica Angel Fund, YAN Angel Fund, Impact Innovators and Entrepreneurs Foundation, among others.
The startup had notably been incubated at IIT Madras Research Park.
The investment is poised to help the startup to develop its technology platform, increase the last-mile presence across districts, strengthen the product and risk capabilities and obtain an NBFC licence.
KiVi is an agri-focussed fintech that enables credit, commerce and distribution to the farmgate ecosystem which comprises the farmer, input retailer, output aggregator and equipment renter. It uses a model that combines technology with last-mile transaction capability to deliver to customers, lending partners and corporate buyers.
It is currently operational in four districts in Tamil Nadu and Bihar and claims to have onboarded five lending partners and 15 corporate commodity buyers.
Oorjaa secured $642,777 (Rs 5.35 crore) in a pre-Series A funding round led by Inflection Point Ventures. The round also saw participation from Vinners Platform, Soonicorn Ventures and HEM Angels.
The funds raised will be utilised for scaling their proprietary platform called “PiE KART” along with technology development and expanding the team.
Oorjaa is a logistics technology company specializing in sustainable last-mile and mid-mile delivery solutions. They recently launched an app-based product called “PiE KART” which offers affordable and eco-friendly intra-city delivery solutions.
Oorjaa operates in around 40 cities across India and claims to manage a monthly delivery volume of 22 million tonnes.
"With this funding and the recent launch of PiE KART, we are entering the next phase of our expansion. We aim to change last-mile and mid-mile logistics through advanced technology," said Sandeep Patil, co-founder and chief executive officer, Oorjaa.
Docker Vision raised an undisclosed amount in a pre-seed funding round through the SanchiConnect pre-seed Accelerator Program, in which early-stage VC firms like Thinkuvate and SeaFund invested in the startup.
The funding infusion will help Docker Vision in product development, expand its brand, conduct additional proof of concepts (POCs), and consolidate its operations.
Docker Vision is an AI-based port automation platform whose AI-powered Gate OCR, or dOCR reduces waiting times and lowers carbon emissions along with showing panoramic imaging for damage detection in cargo handling.