Autosys Industrial Solutions Pvt. Ltd, an industrial automation startup, has raised a Series A funding round led by two corporate executives.
The funding round was led by Bohra Rubbers Pvt. Ltd operations director Amit Bohra and Technico Industries Ltd managing director Amit Gupta, the Mumbai-based startup told VCCircle.
The company didn’t disclose the amount of money it secured from the investors but said the funding round valued it at Rs 30 crore ($4.3 million).
Autosys managing director Aaditya Damani said the startup will use the funding for expanding into new segments, including energy and auto-dynamics. The company will also invest in improvising its artificial intelligence system with an emphasis on industrial prediction and machine health analysis.
Besides, the startup will build an industrial communications bus that will focus on high-speed and secure channels for data transmission, Damani said.
“Being a platform gives us an edge to be compatible over any industrial machinery regardless of the make and age,” he added.
Established in 2016, Autosys says its solutions improve equipment efficiency and productivity while minimising costs and environmental impact. Apart from providing AI-based predictive analysis, the company also offers some other products that include operator and maintenance management, real-time reports and safety alarms.
Autosys is among a number of startups that provide automation solutions and have raised funding in recent years, as demand for software that help companies automate repetitive tasks grows.
In November last year, for instance, Silicon Valley-based Automation Anywhere—which has Indian-origin founders—raised $300 million from new investor SoftBank Vision Fund at a valuation of $2.6 billion.