Cusmat Technologies Pvt Ltd, which operates a training systems-focussed augmented and virtual reality firm, has raised seed funding in a round led by startup incubator and accelerator Venture Catalysts.
Other participants in the fundraising round include Vaibhav Domkundwar, founder of early-stage venture firm Better Inc.; Pratap Atwal, director at Coronation Mining & Infra; and MapmyIndia chairman Rakesh Verma.
Hyderabad-based Cusmat was set up by Abhinav Ayan, Anirban Jyoti Chakravorty and Soumyaranjan Harichandan. It uses AR, VR and artificial intelligence to train and assess people working in enterprises.
Ayan said the company offers a cloud-linked, learning management system-integrated platform. This enables enterprises to standardise training processes across locations. It also helps them track, compare and visualise skill-specific workforce competency levels, he said.
Venture Catalysts co-founder and president Apoorv Ranjan Sharma said Cusmat’s products have already garnered traction, adding that the company was well-positioned to take a lead in its market segment.
Currently, Cusmat offers five training products that cater to at least 15 industries, including logistics, electronics, manufacturing, mining, steel and pharmaceuticals.
Venture Catalysts
The firm has made several investments this year, despite the nationwide disruption caused due to the Covid-19 pandemic.
The startup incubator and accelerator was set up in 2015 by Sharma, Anuj Golecha, Anil Jain and Gaurav Jain. It invests between $250,000 and $1.5 million in early-stage startups, and provides networking and mentoring to its portfolio companies.
Its other bets this year have been on herbal products brand Green Cure, robotics startup Peppermint, blue-collar focused recruitment platform MyKaam, dietary supplement brand Power Gummies, and insure-tech startup Insurance Samadhan.
Other additions to its portfolio this year include prayer materials startup OM Bhakti, artificial intelligence-enabled helmet maker Altor, enterprise-focused neo-banking platform Nupay, financial-technology startup GetVantage, corporate venturing platform IncubateHub and solar panel cleaner startup Skilancer.
