Nuvepro Technologies Pvt. Ltd, which operates a cloud-based lab provider for various types of enterprises and firms, is raising at least Rs 4 crore (approximately $522,517 at current exchange rates) in a bridge funding round.
The company has raised this capital from early-stage investment firm 1Crowd, Nuvepro said in a statement.
The Bengaluru-based company will use the funds to build its sales team and provide new types of labs to its customers.
Mumbai-based 1Crowd is a returning investor in the company. In November 2017, Nuvepro raised $400,000 (Rs 2.5 crore) in a seed round of funding from the angel investment platform.
VCCircle has reached out to Nuvepro on the details of this bridge round and will update this report accordingly.
Nuvepro was set up in 2014 by Giridhar LV, Janakiraman Srinivasan, Umesh Bhatt, Moyukh Goswami and Rajesh Vasudevan. The startup says its software-as-a-service-based labs helps its clients to assess, upskill and re-skill employees.
It primarily provides three types of labs to customers, including instructor-led training course focussed playground labs, guided labs for self-paced learners and assessment-based challenge labs.
Some of its customers include enterprises, education technology platforms, and universities such as TCS, MindTree, upGrad and Edureka.
1Crowd, operated by Zeva Capsol Pvt. Ltd, was founded by Anil Gudibande and Anup Kuruvilla in 2015. The firm says its platform approaches investments through a crowd-funding approach, and that it provides several capital solutions and co-investment commitments, according to its website.
In December 2016, VCCircle had reported that 1Crowd was looking to float its maiden seed fund even as it looked to expand its exposure to early-stage ventures. It marked the first close of the fund at Rs 23 crore (around $3.5 million) in 2018.
Companies in 1Crowd’s portfolio include education-technology platform Fourth Ambit, consumer company Hoi Foods, bank and financial institutions-focussed Creditas, lifestyle healthcare company Konverge Healthcare and machine learning-based urban logistics platform Mojro.
In January this year, 1Crowd led a Rs 3.6 crore (approximately $507,685) seed funding round in ProEves Services Pvt. Ltd., which operates a pre-school and day-care centre aggregator booking platform.