DesignX today announced it had raised $200K from Modulor Capital via its investment vehicle ThinkNext LLC.
DesignX specialises in migrating and bridging manufacturing companies to Industry 4.0. It achieves this through its TechFiles and Hectos products. Techfiles is a SaaS product that is deployed by manufacturing firms to digitise manual paperwork, and further machine digitisation is achieved through its IoT device Hectos. Machine data integrates with TechFiles platform via its proprietary middleware.
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Rajat & Nishant Founders DesignX
According to Wikipedia, “Industry 4.0” factories have machines which are augmented with wireless connectivity and sensors, connected to a system that can visualise the entire production line and make decisions on its own. In essence, industry 4.0 is the trend towards automation and data exchange in manufacturing technologies and processes which include cyber-physical systems (CPS), the internet of things (IoT), industrial internet of things (IIOT), Cloud computing and Artificial Intelligence.
“Modulor’s investment is a validation of our capabilities and strategy that, somewhere in between brown-grass & green-grass machines lies the perfect shade of Industry 4.0,” said Rajat Srivastav CEO of DesignX.
“The company plans to use the funds to focus on building a comprehensive Industrial Internet of Things (IIoT) software portfolio with a focus on Asset Performance Management leveraging Edge devices,” said Nishant Srivastav, COO of DesignX.
“As an early leader in IIoT, DesignX has built strong capabilities in IT-OT integration with its manufacturing customers thanks to deep domain knowledge and software expertise,” said Bhavish Sood General Partner at Modulor Capital and incoming board member.
“What attracted us to investing was the quality of client references and their ability to solve outcomes for the most asset-intensive industries,” said Neeran Chhiber, General Partner at Modulor Capital and incoming board observer.
Venture Garage, an advisory firm for early-stage startups, served as financial advisors to DesignX for the transaction. “DesignX has a strong clientele of global manufacturing companies. With Modulor coming on board the product offering and the traction will get a boost,” said Vineet Sagar, Co-founder & Managing Partner at Venture Garage.
Everis Consulting served as financial advisors and Sequitur as legal advisors to Modulor Capital.
What is Industry 4.0
Forbes Contributor
What is Industry 4.0? Here’s A Super Easy Explanation For
Wikipedia
en.wikipedia.org/wiki/
About DesignX
DesignX is reimagining how industries install, operate and maintain their assets, unlocking machine data to turn valuable insights into powerful business outcomes. DesignX’s portfolio includes the leading Asset Performance Management Solution that covers assets’s manual checks, machine data, maintenance schedule & complete life cycle management helps its customers to utilise assets to the best of its performances. Powered by leading cloud platforms & TechFiles: The Complete Factory Operating System for the Industrial Data Management, DesignX enables industrial businesses to operate faster, smarter and more efficiently, wherever their operations require. DesignX has offices in New Delhi and Ahmedabad.
About Modulor Capital
Modulor Capital is a technology and health-tech focussed micro VC fund. We invest in startups that have achieved product-market fit and are in the early stages of building out their businesses. As active co-investors, our strength lies in leveraging our proprietary Quagrow TM playbook to help build commercial scale for early-stage startups. Modulor has offices in Seattle, New Delhi, and Chandigarh.