Vision AI startup SwitchOn on Monday announced that it has secured a Series A funding of $4.2 million led by Singapore-based Axilor Ventures, Pi Ventures, and prominent angels such as Anuj Bihani, Laxmi Narayan, and others.
The investment will allow SwitchOn to continue its rapid growth in India, scale internationally with large enterprises, make key hires in sales and technology, and invest in research and development, it said in a statement.
Launched in 2020 by Aniruddha (ex-Nvidia, ex-Samsung) and Avra (ex-Schneider, ex-Team Indus), SwitchOn helps precision manufacturing industries drastically reduce their manufacturing defects through the use of a field-trainable AI system.
“Our proprietary deep learning-based algorithms can adapt with minimal domain data to provide highly accurate, high-speed defect detection. With this funding, we plan to expand our technology and R&D teams and focus on unlocking never-before-solved use cases in manufacturing,” said Avra Banerjee, co-founder, SwitchOn.
Some of the leading global manufacturers such as SKF, ITC, Unilever, and others are using the SwitchOn platform to ensure zero defects in their plants, the statement added.
INDIA DEAL MONITOR
Here are the prominent venture capital transactions in India announced from April 13-17, 2023.
| Startup | Headquarter | Investment Size (USD) | Investment Stage | Lead Investor(s) | Other Investor(s) | Industry | Verticals |
|---|---|---|---|---|---|---|---|
| SwitchOn | Bengaluru | 4,200,000 | Series A | Axilor Ventures, Pi Ventures, Anuj Bihani, Laxmi Narayan | – | Software | AI and Machine Learning |
| CYFIRMA | Bengaluru | 5,500,000 | Pre-Series B | OurCrowd, L&T Innovation Fund | – | IT Security/Cybersecurity | AI and Machine Learning |
| Proost Beer | Delhi | 1,000,000 | Equity/Debt | Mumbai Angels, Hyderabad Angels, Speed Fund, GetVantage, Finnvolve | Dauble PTE, Dev Punj | Food | – |
| Purple Style Labs | Mumbai | 14,000,000 | Series C | ValueQuest S C A L E Fund, Singularity Growth Opportunities Fund I, ValPro, Masaba Gupta | Astarc Ventures, Mukul Agrawal, Neelesh Bhatnagar, Yuj Ventures | Retail | E-commerce |
| Barcelona | Ahemdabad | 609,756 | – | GetVantage | – | Retail | E-commerce |
| PhonePe | Bengaluru | 100,000,000 | Private Equity | General Atlantic | – | Financial Services | Fintech |
| Direct2U | Bengaluru | 219,512 | Seed | Inflection Point Ventures | – | Retail | E-commerce |
| InI Farms | Mumbai | 1,950,000 | – | ESG First Fund (managed by Aavishkaar Capital) | – | Agribusiness | Agritech |
| Oneistox | Delhi | 1,200,000 | Seed | Y Combinator, Powerhouse Ventures, Soma Capital, Amit Ranjan, Deepak Menon | – | Education/Training | Edtech |
| Polka Pop | Chennai | – | Pre-Seed | Atishe Chordia, Parasar Sarma, Senthil Natarajan | – | Food | E-commerce |