Bengaluru-based Leanworx Secures ₹8.3 Crore for AI-driven Machine Monitoring Solutions
Machine monitoring systems solutions startup Leanworx that works on reducing machine capacity wastage raised ₹8.3 Crore. The round was led by YourNest Venture Capital and the funding is part of the YourNest-SanchiConnect Velocity Program 2024, aimed at supporting high-growth startups through funding, mentorship, and market access. Leanworx, founded in 2017, provides an Industry 4.0 machine monitoring system that delivers real-time data from shop-floor machines. The plug-and-play IoT solution significantly improves decision-making efficiency by reducing the traditional 24-36-hour data collection process to just one minute. The system addresses inefficiencies in machine utilisation, which often hovers between 30%-50%, by offering actionable insights in near real-time. The startup looks to leverage its AI-powered solutions and cloud-based SaaS product, to address a rapidly expanding market which is valued at ₹3,000 crore annually in India and ₹1.8 lakh crore globally. Leanworx was founded by Dasarathi GV, Srihari D, and Bhagavan SK, who come from decades of experience in the manufacturing sector. Global Growth The startup plans to utilise the funds to expand into high-density manufacturing regions such as Thailand, Vietnam, Indonesia, and Mexico. Additionally, it aims to target sectors such as FMCG, including packaging and plastics. To support this growth, Leanworx is focusing on hiring key personnel in their leadership team as well. The funds will also drive marketing and lead-generation efforts in India and Southeast Asia and support product development, including hardware and software certification. With connections to over 2,000 machines, Leanworx is looking to tap into a market that includes 12 lakh machines in India’s metalworking and FMCG manufacturing sectors, with a global market 60 times larger.
The system addresses inefficiencies in machine utilisation, which often range between 30%-50%.
The system addresses inefficiencies in machine utilisation, which often range between 30%-50%.
["AI in manufacturing", "Leanworx", "Manufacturing", "YourNext Venture Capital"]
["API", "Leanworx", "funding", "programming_languages:R", "AI", "venture capital", "YourNext Venture Capital", "RAG", "Aim", "AI in manufacturing", "R", "Manufacturing", "startup"]
["AI", "Aim", "RAG", "R", "API", "startup", "venture capital", "funding", "programming_languages:R"]
As a rare blend of engineering, MBA, and journalism degree, Vandana Nair brings a unique combination of technical know-how, business acumen, and storytelling skills to the table. Her insatiable curiosity for all things startups, businesses, and AI technologies ensures that there's always a fresh and insightful perspective to her reporting. She now hosts her tech segment 'Point Break' on AIM Tv.