DesignX today announced it had raised USD 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.
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.
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"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, a 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 start-ups, 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.
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