Cutting-edge vision AI company, SwitchOn has secured Series-A funding of $4.2 million led by a Singapore-based fund Axilor Ventures, PI Ventures, and prominent angels such as Anuj Bihani, Laxmi Narayan, and others.
This investment will allow SwitchOn to continue its rapid growth in India as well as scale internationally.
Speaking to CNBC-TV18, Aniruddha Banerjee, Co-Founder of the company said the majority of the fundraising will be used for product development and geographical expansion.
"We at SwitchOn are building a global company, we are automating quality inspection for the manufacturing industry and the bulk of this fund will be used to do more product development as we move from just an inspection to being able to root cause defects in manufacturing lines," Banerjee said.
"We are also expanding internationally, especially in the US, where we are looking to within a quarter or so start our foothold and do a lot more business than we currently are doing. We are also looking to aggressively grow in India, we presently have customers in large Fortune 100, and Fortune 500 companies. We are looking to provide installations there," he added.
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The start-up boasts of an end-to-end solution across stages of design, procurement, and execution and aims to leverage the capital and partnership to strengthen its platform across both technology and team, specifically in design and growth capabilities.
Moreover, CNBC-TV18's Akhil Vishwanath gets a report on ReshaMandi - a startup that is digitising India's silk supply chain and has hit Rs 2,000 crore in revenue in just three years. Not only that, but the farm-to-fashion startup also claims to have achieved operational profitability in FY23.
Watch the video for more.