Leanworx, a Bengaluru-based startup empowering manufacturing plants with real-time data, has raised Rs 8.3 crore in its seed funding round. The round was led by YourNest Venture Capital, with Rs 6.5 crore from YourNest and Rs 1.5 crore from an angel investment group.
The funds will be directed towards scaling marketing and lead generation efforts in India and Southeast Asia and in advancing product development, including hardware and software certification.
D. Srihari - Director, Sales & Marketing, Leanworx Technologies, said “Leanworx is enabling some of India’s best-known manufacturing firms to improve their productivity in metal working. This investment will be used to enhance our market reach, geographically to other countries worldwide, and to other industry verticals. It will also be used for product enhancement, to offer better value to our customers. We would like to consolidate our position and become a dominant player in this sunrise domain in India and SE Asia shortly.”
This funding comes as part of the YourNest-SanchiConnect Velocity Program 2024, an accelerator initiative designed to support high-growth startups like Leanworx by providing strategic funding, mentorship, and market access, as per the press release.
Leanworx is currently connected to 2,000 machines across industries and plans to expand into high-density manufacturing regions such as Thailand, Vietnam, Indonesia and Mexico, as well as target the FMCG sector, including packaging and plastics. To support its expansion, Leanworx said that it will focus on hiring key personnel, including a Vice President of Sales, Regional Sales Managers, and a Marketing Manager.
Founded in 2017, Leanworx provides a cutting-edge, AI-powered machine monitoring system that delivers real-time, actionable data from shop-floor machines to decision-makers, allowing for faster and more accurate decision-making.
Venkat Raju, Venture Partner, YourNest, said "Leanworx Technologies aligns with our vision of backing scalable Industry 4.0 solutions. Their proven plug-and-play IoT system addresses critical inefficiencies in manufacturing. We were impressed by their strong early traction, and a robust sales funnel featuring industry leaders. Now with a clear go-to-market strategy and a vast addressable market, Leanworx is poised for rapid growth and should capture a significant market share."
The Industry 4.0 shop floor monitoring market in India includes over 3 lakh machines in metalworking and 9 lakh machines in FMCG manufacturing, with a global market 60 times larger. Leanworx’s product is poised to tap into this rapidly expanding market, which represents a potential annual revenue of Rs 3,000 crore in India and Rs 1.8 lakh crore globally.
