Proxgy has secured $2 Mn (INR 16 Cr) in a pre-Series A funding round led by LetsVenture and others
Founded by Pulkit Ahuja (CEO) in 2020, Proxgy caters to businesses in sectors like oil & gas, mining, manufacturing, warehousing, logistics, and transportation
The fresh capital will be deployed to bolster Proxgy’s industrial IoT infrastructure, new product development, R&D endeavours, and investment in SaaS scalability
Deeptech startup Proxgy has secured $2 Mn (INR 16 Cr) in a pre-Series A funding round led by LetsVenture, Planify Angel Fund, Mach Tech Fund, Cogniphy Angel Fund, Madhuram Papers Family Office, and AKGVG & Associates, along with its existing investors. The funding round was a blend of primary and secondary fund infusions.
Founded by Pulkit Ahuja (CEO) in 2020, Proxgy is a deeptech startup that specialises in internet of things (IoT) based solutions. It also provides smart wearables and safety products to blue collar workers to prioritise workplace safety and efficiency.
Currently, it caters to businesses in fintech, oil & gas, mining, manufacturing, factories, worker safety, insurance, worker compensation management, body cams, insurance claims, inspections, policing, remote assistance, warehousing, logistics, and transportation sectors.
The Gurugram-based startup said that the freshly infused funds will be deployed to bolster Proxgy’s industrial IoT infrastructure, new product development, R&D endeavours, investment in SaaS scalability, and enhance operational capacities to meet the demands of its clients and boost market presence.
“This capital infusion not only fortifies our capacity to cater to our current clientele but also paves the way for acquiring new partnerships for our ‘Made in Bharat’ innovative solutions,” the CEO of Proxgy said, adding that the funding will enable the company to drive innovation and sustain operations for the next two years.
“We are excited about the opportunities ahead and committed to delivering unmatched value to our investors and clients,” Ahuja added.
The startup claims that it works with clients like ICICI Bank, Bank of India, and Bank of Baroda.
In the short term, Proxgy aims to leverage innovative solutions, robust partnerships, and the recent financial boost to scale new heights and redefine industry standards.
With the increased dependence on deeptech across almost every industry, more startups are evolving in the sector. With this, the investment in the sector has also seen significant growth. Earlier this year, deeptech startups like Zest IoT, Doppelio, and WorkHack bagged funds either to double down on AI-driven initiatives or to help others board the AI ship.
