Highlights
Leanworx Secures Rs 8.3 Crore Funding for Manufacturing Innovation
Bengaluru-based startup, Leanworx, is revolutionising manufacturing facilities with its real-time data solutions, successfully raising Rs 8.3 crore (around $1 million) through its seed funding round. The funding was spearheaded by YourNest Venture Capital, which contributed Rs 6.5 crore, along with an angel investment group providing Rs 1.5 crore.
This investment is part of the YourNest-SanchiConnect Velocity Program 2024, an accelerator initiative aimed at propelling high-growth startups like Leanworx by offering essential funding, expert mentorship, and enhanced market access.
Leanworx plans to utilise these funds to:
- Expand marketing and lead generation initiatives in India and Southeast Asia
- Enhance product development, focusing on hardware and software certification
About Leanworx
Founded in 2017 by D. Srihari, Bhagavan S. K., and Dasarathi G. V., Leanworx is at the forefront of AI-driven machine monitoring technology. The company delivers real-time, actionable insights from shop-floor machinery directly to decision-makers, facilitating quicker and more informed decisions.
Leanworx is dedicated to enabling manufacturing facilities to harness real-time data from their machinery through its Industry 4.0 cloud-based SaaS products and IoT devices. The company’s innovative monitoring system transmits data from machines to decision-makers within 1 minute, utilising AI and advanced analytics, in stark contrast to the 24-hour timeframe of traditional paper-and-people-based data collection methods.
Market Insights
Recent market research indicates that the Industry 4.0 shop floor monitoring sector in India encompasses:
- Over 3 lakh machines in the metalworking industry
- Approximately 9 lakh machines in the FMCG manufacturing sector
The global market for this technology is estimated to be 60 times larger.
Leanworx’s machine monitoring solution alleviates challenges associated with low machine utilisation, which can be as little as 30%-50% due to delays and inaccuracies inherent in traditional paper-based data systems. Their plug-and-play, IoT-enabled solution provides precise data to managers within one minute, significantly improving efficiency compared to the 24 to 36 hours typically required by conventional methods.