DesignX today announced it had raised $300K from Modulor Capital via its investment vehicle ThinkNext LLC & Angels from the manufacturing sector.
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From left to right: Mr. Nishant Srivatsav (Chief Technology Officer) DesignX, Mr. Shreedhar Gupta (Director of Abhishek Group), Mr. Rajat Srivastav (Chief Executive Officer) DesignX
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 companies 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 organization”.
Further Mr. 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. 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 Mr. 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 companies can’t keep on bootstrapping for every new digital need,” said Rajat Srivastav CEO & 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 most advanced techniques to add more & 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 Mr. 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 companies. With Modulor Capital & Mr. Shreedhar 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.
About Mr. Shreedhar Gupta
He has been involved in the Indian Automotive Sector for over two decades running & 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 & logistics, end of life vehicle recycling & has additionally been involved with various start-ups in 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.
About DesignX
DesignX helps manufacturing companies with process discovery, modelling, monitoring & automation through RPA & IIOT to improve MSQCD (M-morale, S- safety, Q- Quality, C- cost & D- delivery) on the shopfloor.
For more information, please visit: designx.in.
About Modulor Capital
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.
Documentation Pdf – DesignX DFOS Introduction.
