Leanworx, a Bengaluru-based startup focused on empowering manufacturing plants with real-time data, has raised Rs 8.3 crore (approximately $1 million) in its seed funding round. The funding was spearheaded by YourNest Venture Capital, which contributed Rs 6.5 crore, while an angel investment group added Rs 1.5 crore to the round.
This investment comes under the YourNest-SanchiConnect Velocity Program 2024, an accelerator initiative designed to support high-growth startups by offering strategic funding, mentorship, and access to markets. The raised capital will be utilized to expand Leanworx’s marketing and lead generation efforts in India and Southeast Asia, alongside advancing product development, including hardware and software certifications.
Co-founded in 2017 by D. Srihari, Bhagavan S. K., and Dasarathi G. V., Leanworx has developed an AI-powered machine monitoring system that provides real-time, actionable data from shop-floor machines directly to decision-makers. This advanced system allows for faster and more accurate decision-making, significantly enhancing operational efficiency.
Leanworx aims to revolutionize manufacturing plants by providing Industry 4.0 cloud-based SaaS products and IoT devices, delivering critical machine data within one minute. This is in stark contrast to the traditional paper-based methods, which can take up to 24 hours to relay important information. By utilizing AI and advanced analytics, the Leanworx system accelerates the process, providing managers with up-to-date insights to make better, data-driven decisions.
The system not only enhances decision-making speed but also addresses the issue of low machine utilization, which often falls between 30%-50% due to delays and inaccuracies in traditional data collection systems. Leanworx’s plug-and-play, IoT-enabled solution ensures precise data delivery in just one minute, a dramatic improvement over the 24 to 36 hours it typically takes in conventional systems.
Market research reveals that the Industry 4.0 shop-floor monitoring market in India includes more than 3 lakh machines in metalworking and 9 lakh machines in FMCG manufacturing, with a global market that is 60 times larger. Leanworx is poised to tap into this vast opportunity by offering a streamlined solution that simplifies data collection and enhances operational productivity for manufacturing plants worldwide.
