Mumbai Angels and Auxano lead Pre Series A funding round of INR 5 Cr for Ed Tech startup Avishkaar

Mumbai, 1st June 2021: Mumbai Angels Network, a premium platform for early-stage investments, along with Auxano, and other eminent angel investors, has invested INR 5 crore in Ed-tech startup Avishkaar as a part of pre series A. Avishkaar is a category leader in next-generation technology education that focuses on robotics, AI, coding, and app development for children between 5 and 15 years of age through its hardware and software products. Avishkaar plans to utilize the funding towards product development and further expansion of its portfolio in addition to hiring talent. Further, with its mission to build an army of young innovators globally, the company will invest in marketing; India will continue to be a focus market this year with enough scope to grow in Tier-I and Tier-II cities while catering to inbound queries from international institutions.

Speaking about the investment, Tarun Bhalla, Co-founder, and CEO, Avishkaar said, “Avishkaar’s goal since its inception has been to create an army of innovators. Exponential technologies like AI, Robotics, Coding, and 3D printing are already defining the world around us. However, with COVID-19, technology is at the heart of everything, and we must impart these skills amongst our children if they find these fields exciting. Avishkaar’s approach is one of the platforms that comprises hardware kits, software solutions, and LIVE online classes to ensure that children have the right tools, curriculum, coaching, and environment to excel at these skills. “We are quite thrilled to have Auxano further its faith in the Avishkaar story, and we are happy to have the new investors coming on board to take our cause forward”, he added.

Adding to this, Nandini Mansinghka, Co-Founder and CEO of Mumbai Angels Network said, “Ed-tech is one of the most lucrative sectors and one of the few industries that has emerged triumphant from the pandemic’s impact. The education sector will heavily rely on technology-driven teaching and learning even after the pandemic has passed. Avishkaar has been consistent in providing seamless solutions that cater to today’s learners and we believe that this investment will enable them to further innovate, expand their offerings, and grow.”

"Avishkaar, having developed hardware, software, curriculum & communities to learn tech skills for the future like Robotics, AI, Coding, IoT & drones within 1100+ schools, extended their model to add student learning as a B2C strategy. This B2C focus has seen early traction accelerated by the tech adaption in the education industry due to Covid19, capitalising on the need of the parents and students to learn these future-ready skills. Accoutred with a hybrid model targeted at schools and direct students allows them to address both ends of the spectrum. Lead by a proficient team that understands the education space with a decade+ experience in educational offerings. Lastly, NEP 2020’s focus on STEAM education is another impetus that will enable growth. A combination of these ingredients leaves Avishkaar poised for growth hereon." said, Angad Singh Bilochpura - Deal Lead.

 

Mumbai Angels Network, JITO Angel Network, and other angel investors invest USD 200K in Pickright Technologies

The freshly infused funds will be directed towards enhanced marketing efforts, designing new tech, and creating awareness on the significance of investing right and early to secure maximum returns. May 25, 2021: Mumbai Angels Network, a premium startup investment platform for early-stage venture investments, along with JITO Angel Network, and other eminent angel investors, has invested USD 200K in Pickright Technologies, an AI-enabled app to plan and manage finances and diversify investments for millennials across direct and indirect assets. A wealth-tech platform for digitally native masses, the Pickright app enables users to organize finances by intelligently saving and investing smartly across asset classes with AI and ML-powered deep personalization. Founded by Archana Elapavuluri and Namandeep Bhatia, Pickright Technologies has curated, powerful, and diversified portfolios for every user based on user profiling and allows them to invest according to their eligibility month-on-month across asset classes using AI and ML, thereby being a financial assistant in your pocket. The freshly infused funds will be utilized for enhancing the platform’s marketing, designing new tech, and most importantly, to create awareness on the importance of investing right and early to avail maximum returns in an organized manner. Speaking on the new capital infusion, Archana Elapavuluri, Co-Founder and CEO of Pickright Technologies said, “The world is going through an extremely challenging time with rampant uncertainty, and we are staring into a pension-less future with the erosion of interest rates and growing inflation. This is the right time for people, young and old, to take a step towards wealth creation. Every penny counts.” Commenting on the investment, Nandini Mansinghka, Co-Promoter, and CEO of Mumbai Angels Network said, “Wealth creation, especially for today’s millennials, is integral to ensure they have financial backing amidst this uncertainty looming over the world and for their post-retirement. Pickright Technologies has been committed to help enhance their assets and investments and we believe that our collective investment will help the platform scale-up and cater to more customers. This capital infusion is a testament to Pickright’s expertise in the wealth creation area and its constant innovation through tech-driven methods.” “I am delighted to be associated with Pickright Technologies’ growth story. I strongly believe in their proposition as an AI-enabled app offering curated, diversified portfolios across asset classes with single-click execution. Pickright is the ideal solution for digital native users to assist with micro saving, planning, and investing right”, added Arun Thukral, the deal lead for the funding round. Pickright is currently working with different discount brokers and other partners to partner and scale the same. The platform is currently clocking 30,000 users on the platform doubling month-on-month.

May Spotlight

 

‌Smart garden solution by Agro2o ‌Agro2o has developed a proprietary smart garden solution which automates the complete process of growing plants indoors using advanced hydroponics and intelligent growing algorithms. It allows people to grow plants anywhere in the world and at any time of the year.

‌Lattu Kids selected in "Elite 200", GSV Cup 2021 ‌Lattu Kids makes it to the list of the top 200 early stage Ed tech companies globally in the GSV Cup. Over 700 startups had participated from all over the globe and Lattu Kids are in the semi-finals competing for $1M in prizes. Read More ‌BluSmart offers 50% off for healthcare workers ‌BluSmart electric cabs is now offering 50% off on all rides and rentals for healthcare workers. It has also taken a number of steps to ensure safety and security during the Covid19 pandemic and has ensured a no cancellation policy for all its rides. ‌Ixambee merges with TargetRBI ‌Ixambee merges with Competitive exam preparation platform TargetRBI and aims to establish itself as a prime destination for students to undertake coaching for government service competitive exams. TargetRBI was launched in 2012 by former RBI Manager Mr. Susheel Ragade.   ‌Video AI company Pixuate adds new features ‌Pixuate launched new analytics capability such as Detects smoke or fire incident in <10s and read oxygen meter level for hospitals using a camera. These new features will help automate monitoring of critical events using CCTV cameras and give alerts to take action on time. These features are life-saving tools to avoid workplace hazards. Job Openings Hotelogix Sector - Hospitality Account Manager - Sales Apply Now

Leegality Sector - Legal Product Marketing - Manager Apply Now Trukky Sector - Logistics Digital Marketing - Internship Apply Now

Mumbai Angels Network invests an undisclosed amount in smart cloud-based neobank Nemo as a pre-seed funding round

Nemo plans to use the freshly infused capital towards acceleration of product development, hiring, and customer acquisition May 18, 2021: Mumbai Angels Network, a premium platform for early-stage investments, has invested an undisclosed amount in Nemo, a smart cloud-based neobank for small businesses. An easy, secure, and smart cloud based neobank for small businesses that unifies banking accounting, credit, and operations, Nemo is the brainchild of IIM Ahmedabad alumni Ashish Deswal and Jeevan Gopisetty. Based out of Hyderabad, Nemo is on a mission to create a first-of-its-kind business through its banking platform that aims to simplify the financial aspect of business for India’s MSMEs and empower them with the right tools, resources, and networks that large corporations have access to. The freshly infused funds will be utilized to help Nemo accelerate its product development, hiring, and customer acquisition. Speaking on the first round of funding, Ashish Deswal, Co-Founder of Nemo said, “We have been closely monitoring what the neobanks in Europe have been able to accomplish in a short period. However, these models may not be directly applicable in India as our MSMEs have a wider spectrum of needs and starkly different behavior in terms of finance and banking as opposed to their western counterparts. We are thrilled to be backed by an eminent platform such as Mumbai Angels Network and hope to utilize this fresh capital infusion to take Nemo to new heights.” Commenting on the investment, Nandini Mansinghka, Co-Promoter, and CEO of Mumbai Angels Network said, “MSMEs are the backbone of the Indian economy. But they often face multiple challenges when it comes to access to banking and finance. As the FinTech industry grows exponentially in their offerings and footprint, our investment will help a fast-growing platform such as Nemo scale and expand to empower the country’s MSMEs with the required access to financial services.” “The next decade will be a golden period for neobanks. While user experience across all other sectors such as E-commerce, Logistics, Food Delivery, Education, etc., has seen disruptions, the banking sector has been relatively slow in adopting technological advancements and continues to follow a traditional approach. We are now witnessing a growing demand from business customers of banks for a better banking experience that is on par with that of other industries”, added Jeevan Gopisetty, Co-Founder and CEO of Nemo. Nemo is currently piloting with a small cohort of selected customers and plans to scale rapidly over the next 12-18 months.

India & Australia - The Ties That Bind

 The India-Australia relationship is an interesting one, both were erstwhile British Colonies and both often go toe-to-toe on the cricket field with a legendary rivalry spanning decades. Urban India is crazy about Masterchef Australia and follows the show religiously, thereby celebrating another common interest in food! But, beyond the obvious cultural exchanges, there is something more concrete that is developing between the two nations when it comes to bilateral ties.

 

Just last year, the Australia India Business Exchange (AIB-X) was held, which was one of the largest trade missions to India in the past five years. This was followed by the historic virtual summit between the Australian and Indian prime ministers in June, which led to the elevation of the bilateral relationship to a Comprehensive Strategic Partnership. Australia has participated in the Malabar exercises while coming together with India again for the Supply Chain Resilience Initiative (Australia, India, and Japan) and the Quad grouping (United States, India, Japan, and Australia). While the signing of a free trade agreement between the two countries has not transpired, in the future this might also materialize. The Ministry of External Affairs also now has a dedicated division looking into Oceania which includes Australia, ASEAN countries, and other Indo-Pacific regions. The overwhelming evidence goes to show that in the years to come the Australia-India relationship will become a deeper and more significant one not just strategically but economically as well.

 

India and Australia have yet another commonality that we are yet to touch upon - a thriving startup ecosystem. While India has been adding unicorn after unicorn to its kitty, Australia has been working towards going up the ranks in the Ease of Doing Business index where it ranks in the top 10. While the two countries are yet to collaborate at a national level when it comes to the startup ecosystem, Mumbai Angels Network, the premier platform for new venture investing and leading global accelerator inQ, are joining hands to showcase 6 Australian startups on 22nd May to the Indian investor and entrepreneur for investment and partnership opportunities.

 

We hope to have you join us for this exciting event that celebrates this confluence of the startup ecosystem and the burgeoning relationship between the two nations! To register, simply RSVP at at this link: http://bit.ly/MA_AUS

 

About MA Global Platforms:

MA Global Platforms is an exciting new offering by Mumbai Angels Network, that brings you the best in startups from across the globe. Learn more about the process of investment and explore partnership opportunities that can help you grow your business! The startups that we bring to you are looking to demonstrate their technology, look for sales partners, business development, or investments. MA Network’s platform continues to introduce global companies to the Indian investor, to enable their India entry in the most efficient manner. Through this channel, MA plans to continuously introduce innovative and unique offerings from across the world to its investors as well as to the larger ecosystem in its role as a leading angel investing platform. MA is equipped to handhold through the entire investment and post-investment process.

 

For more information, please feel free to reach out to chandni@mumbaiangels.in

/ sonalisingh@mumbaiangels.in 

 

 

 

Mumbai Angels Network, CIIE.CO – IIM Ahmedabad’s incubation centre and multiple eminent angel investors invest in smart video analytics startup Pixuate

 

While the investment amount remains undisclosed, a bulk of it would be invested in Pixuate’s R&D for accelerated product development and market expansion.

11 May, 2021: In a new development, Mumbai Angels Network, a premium startup investment platform for early-stage venture investments, along with CIIE-IIMA and a group of eminent angel investors, has invested in intelligent video analytics startup Pixuate by Cocoslabs Innovative Solutions Pvt. Ltd. While the investment amount remains undisclosed as of now, Pixuate has also recently received debt funding support from the Technology Development Board (TDB), a nodal agency of the Govt. of India. A brainchild of technology enthusiast Prathvi Palekar, Pixuate uses proprietary algorithms in AI, Deep Learning, and Computer Vision to deliver real-time and actionable insights from high-volume video and image data. Pixuate offers a wide range of capabilities for security intelligence, compliance audits, and automation, which includes analytics for people (such as facial recognition and thermal scanning), vehicle analytics (like ANPR, vehicle classification, and violation detection), and object recognition (including safety gear check and object detection). Powered by world-class analytics capabilities, the platform provides a complete suite of deep-tech enterprise solutions for a safer today and a smarter tomorrow.   Having delivered AI solutions to marquee clients such as L&T, Unilever, ITC, Bigbasket, along with several clients in the UAE, Pixuate now offers video analytics solutions specifically designed for industries such as Pharma, Logistics, Oil & Gas, and Food & Hospitality. Besides this, the platform’s video analytics capabilities are also applicable for smart cities and highway traffic management. With Pixuate having an exciting line-up of new product features in the pipeline, this freshly infused funding will largely be invested in R&D for accelerated product development and feature engineering. The company also plans to fast-track its growth through market expansion and adding more industry use cases and applications.

Commenting on the investment, Nandini Mansinghka, Co-Promoter, and CEO of Mumbai Angels Network said, “There is no doubt that the future will be driven almost entirely by technology and given that video-based analysis is a rapidly growing and evolving field, our investment will help Pixuate scale up swiftly to cater to the growing demand for tech-powered video analytics across various sectors. This funding is a testament to the Pixuate team’s in-depth expertise in the field to build a robust platform that India needs.”

Speaking about the new investment in his company, Prathvi Palekar, co-founder of Pixuate said, “Our mission is to create real value for enterprises by deploying cutting-edge AI since it is unquestionably the best way ahead. Over the past 5 years, our R&D team has worked relentlessly to develop an enterprise-class analytics engine that can make sense of any video stream or image database. High availability and scalability are inherently built-in in Pixuate’s system. We are extremely grateful to receive strong support from eminent platforms such as Mumbai Angels Network, CIIE.CO, and the Technology Development Board, and hope to take Pixuate to new heights with this fresh infusion of capital.”

“Our platform has been a boon for enterprises in both private and public sectors and we are overwhelmed by the response received so far. Pixuate helps industries prevent workplace hazards, ensure compliances, track inventory at high efficiency, and reduce pilferage of goods drastically. Most importantly, the company enables top-notch automation without the need for heavy upfront investment by the clients. We can enable existing CCTV cameras, with our software that runs on low-cost GPU devices that can scale from 5 to 5000 cameras frictionlessly. Further, all our analytics have API connectors available for data that needs to be passed on to existing systems like HRMS. Lastly, our system can alert for any camera downtime, inform if an intruder or fire or any mishap is happening on the premises through instant email/SMS/API alerts. We are excited to have joined hands with reputed investors Mumbai Angels and CIIE.CO and look forward to breaking new barriers in enterprise-tech with our product”, added Akshata Kari, Co-Founder of Pixuate.

Pixuate also recently developed a unique video analytics-based traffic count and classifier system for highway audits and efficient toll management, which was successfully tested by L&T. The product reduces the turnaround time for highway audits by up to 90% which can be used by NHAI and the Government of India. Furthermore, last year, Pixuate’s temperature checking solution was utilized by the Department of Urban Land Transport (DULT) and the Government of Karnataka at Church Street – one of Bangalore’s busiest areas - for the ‘Clean Air Street’ initiative. With advanced tech-driven systems, Pixuate also helped identify 3000 mask violators and checked over 200,000 people for instances of increased body temperature.