Deeptech enterprise SaaS startup Twyn has raised pre-Series A funding of $1.25 Mn (INR 10.3 Cr) led by JITO Incubation & Innovation Foundation, with participation from HEM Angels, Bestvantage and Beej Network.
In a statement, the Delhi NCR-based startup said it will deploy the fresh proceeds to offer its solution across auto, petrochemicals and steel hubs by expanding its presence in the Middle East and European regions.
Besides, it also plans to strengthen its leadership team in India and Dubai to support its growth plans and market expansion.
Founded by Avi Dahiya in 2021, Twyn claims to leverage emerging technologies like artificial intelligence and spatial computing to create extended reality-based digital twins for manufacturing units.
The phygital twins, the startup claims, help replicate a live and connected version of the physical asset and environment and brings back insights from the digital twin to the physical environment for on-ground optimisation of machinery, inventory, and human resources for the manufacturers. This helps enterprises monitor their factory floors remotely, helping them transform their factories to smart factories.
Twyn claims that its clients hail from auto, oil and gas, steel, pharmaceuticals and FMCG industries. Besides, the startup also caters to real estate companies dealing with smart city projects. It counts marquee names like HP, Samsung, Panasonic, P&G, Uno Minda and JBM Group among its clients.
Commenting on the fundraise, founder and CEO Dahiya said that Indian manufacturers and OEMs are gradually shifting towards artificial intelligence and deeptech for faster and seamless operations.
“There is also a concerted effort by large manufacturers and OEMs to adapt to Industry 4.0 where the role of artificial intelligence, robotics and immersive reality is far more pronounced than earlier times. This puts us in a great position of strength as Twyn is offering the most advanced technology for phygital twins that can power manufacturers to embark and expedite
their digital transformation in the shortest possible time,” he added.
The development comes at a time when the enterprisetech segment has been seeing a lot of funding activities. Recently, in the enterprisetech segment, Quickwork secured $2.5 Mn to help organisations streamline operations and embark on digital transformation seamlessly. The startup claims to have over 1,500 pre-integrated apps on the platform.
In October, yet another startup Giga ML raised $3.6 Mn to empower businesses to deploy LLMs as robust as GPT-4 directly on their servers — eliminating the need to send sensitive information to external servers like OpenAI.
In July, Ethereal Machines secured $7.3 Mn led by Peak XV Ventures to help manufacturing units automate movement and operations of machine tools through computerised data.
According to Inc42’s Indian Tech Startup Funding Report Q3 2023, the enterprisetech sector was among the top three sector in terms of funding raised ($235 Mn) in Q3 2023.
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