SUMMARY
The Pune-based startup will use the funds raised from Baring Private Equity to expand its global presence and accelerate hiring
Intangles has developed deeptech solutions that allow fleet operators to monitor, benchmark, and conduct predictive maintenance of vehicles
Intangles is eyeing aggressive growth in the burgeoning EV space which is expected to grow at a CAGR of 49% between 2022 and 2030 in India
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Intangles Lab, an IoT startup which operates in the automotive space, has raised a funding of $10 Mn in Series A round from Baring Private Equity Partners India on Tuesday (February 21).
The Pune-based startup will use the fresh funds to expand its global presence, accelerate hiring to strengthen its product engineering, sales, and delivery teams, and serve its new customer pipeline, it said in a statement
Intangles, founded in 2016 by Anup Patil, Aman Singh, Neil Unadkat, and Jayshri Patil, has developed deeptech solutions that allow fleet operators to monitor, benchmark, and conduct predictive maintenance of vehicles, which helps them to enhance their overall uptime and profitability.
“We are focused on growing our presence across the entire commercial vehicle segment across the globe. In the coming years, we are aiming to vigorously revamp the electric vehicle (EV) segment using our extensive Ambient Cognitive AI technology,” said Anup Patil, cofounder and CEO of Intangles.
Intangles is now aggressively looking at the burgeoning EV space which is expected to grow at a compound annual growth rate (CAGR) of 49% between 2022 and 2030 in India to hit 1 Cr units of annual sales by 2030.
Intangles claims to be among the few global players to have a full stack presence across patented algorithms, advanced hardware devices, and a cloud-based data analytics platform, which are all developed in-house.
“In the direct market, we are witnessing impressive growth pan India and are in the process of onboarding multiple large commercial vehicle OEMs. To sustain a growth rate of over 200% year-on-year, we are constantly expanding our team by hiring on multiple levels throughout the organisation,” said Patil.
Intangles aims to become the Digital Twin Open-Source Software (OSS) of the world across every segment. Besides India, it has a customer presence in the US, Mexico, the Middle East, and Southeast Asian regions.
Intangles competes with the likes of Zeliot Connected Services, Fleetx, TrakNTell, and LightMetrics.
As per a report, the global digital twin market was valued at $11.1 Bn in 2022 and is expected to clock a CAGR of 37.5% from 2023 to 2030.
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