today announced it had raised USD 300K from Modulor Capital via its investment vehicle ThinkNext LLC and Angels from the manufacturing sector.
DesignX specializes in shopfloor hyper-automation with its powerful industry-agnostic product suit DFOSTM (Digital Factory Operating System). DFOSTM is a SaaS-based product to discover, analyze, design, automate, measure shopfloor processes. It enables manufacturing compes with real-time intelligence about the shopfloor and unlocking enhancement opportunities.
According to Gartner Hyper-automation is a combination of tools, including Robotic Process Automation (RPA), intelligent Business Management Software (iBPMS), and AI, with a goal of increasingly AI-driven decision making. Also, "Hyper automation often results in the creation of a digital twin of the orgzation".
Further Shreedhar Gupta Director of the Abhishek Group (part of the Indian Automotive Sector) and an investor in various start-ups has given his vote of confidence to DesignX vision by investing and joining as a board observer. The company is all set to reach new heights under his guidance.
Also, this round saw the participation of a syndicate of industrial intellect lead by Ravin Sanghvi. As with DesignX, they could see the missing piece of shopfloor digital transformation.
"The goal of DFOSTM is to provide a digital infrastructure helping manufacturing industry for a systematic digital transformation, as compes can't keep on bootstrapping for every new digital need," said Rajat Srivastav CEO and CPO DesignX.
"Already having a platform which provides a 360-degree connectivity of the shopfloor processes, we would be spending a good portion of the funding for adding the most advanced techniques for adding more and more value to our customer operations," said Nishant Srivastav, CTO of DesignX.
"I am excited to be guiding this young, energetic, and talented team of DesignX scale up and become successful. I truly believe in the value of this product and firmly believe that it will immensely benefit any manufacturing company that uses it," said Shreedhar Gupta, Director Abhishek Group and Board Observer 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 board member.
Ankur Gupta, head of investor relations at logistics firm Ecom Express Pvt. Ltd. also participated in the funding round.
Venture Garage, an advisory firm for early-stage start-ups, served as financial advisor to DesignX for the transaction. "DesignX has a strong clientele of global manufacturing compes. With Modulor Capital and Shreedhar coming on board the product offering and the traction will get a boost," said Vineet Sagar, Co-founder and Managing Partner at Venture Garage.
Everis Consulting served as financial advisors and Sequitur as legal advisors to Modulor Capital.
He has been involved in the Indian Automotive Sector for over two decades running and successfully scaling up various joint ventures in the Tier 1 industry, manufacturing components for most leading OEMs. In the recent past, Shreedhar has further diversified into freight forwarding and logistics, end of life vehicle recycling and has additionally been involved with various start-ups in a personal capacity. His recent initial stage investments include Burger Singh, BluSmart Cabs, Cross Border Kitchens, and most recently DesignX. His experience lies in scaling up businesses while mentoring the management team.
DesignX helps manufacturing compes with process discovery, modeling, monitoring, and automation through RPA and IIOT to improve MSQCD (M-morale, S- safety, Q- Quality, C- cost and D- delivery) on the shop floor.
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Modulor Capital is a technology and health-tech focussed micro VC fund. They invest in startups that have achieved product-market fit and are in the early stages of building out their businesses. As active co-investors, their strength lies in leveraging their proprietary Quagrow TM playbook to help build commercial scale for early-stage startups. Modulor has offices in Seattle, New Delhi, and Chandigarh.
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( With inputs from ANI )
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