Intangles Raises $30 Mn In Series B To Take Its Predictive AI System Global

Deeptech startup Intangles has raised $30 Mn (INR 266 Cr) in its Series B funding round led by Avataar Venture Partners. The round also saw participation from existing investors Baring Private Equity Partners India and Cactus Partners.

The startup plans to deploy the fresh funds to expand its new international geographies, strengthen its product portfolio and grow its team.

“This investment strengthens our ability to expand that architecture across geographies and industries that are grappling with increasing volatility and complexity. The path forward is about scaling intelligence that is responsive by design, capable of navigating uncertainty without being limited by it, and mature enough to support strategic decisions that cannot wait for hindsight,” Intangles’ cofounder and CEO Anup Patil said.

Founded in 2016 by Patil, Neil Unadkat (CTO), Aman Singh (analytics head) and Jayshri Patil (head of embedded systems), Intangles offers AI-powered predictive analytics solutions to fleet operators and original equipment manufacturers (OEMs).  

Its core products include:

• Predictive Health Monitoring: Utilises AI to forecast potential component failures before they occur.
• Driving Behavior Monitoring: Analyses driving habits to bring forth insights that can improve safety and fuel efficiency.
• Fuel and DEF Monitoring: Provides real-time tracking of fuel consumption and Diesel Exhaust Fluid (DEF) level.
• Operations Automation: Streamlines fleet maintenance processes through automated scheduling and task management.
• EV Monitoring: Offers solutions for electric vehicle fleets, addressing challenges like range anxiety and battery health monitoring.
• Location Tracking: Integrates GPS-based tracking for real-time vehicle location monitoring, aiding in route optimisation and asset management.

It claims that these offerings help fleet owners increase their net profitability by as much as 50% and drive a per-truck return of investment (ROI) of 5x. As of now, its platform supports over 4 Lakh vehicles across North America, Europe, Southeast Asia, and the Middle East. 

Intangles is currently serving over 40 OEM and enterprise clients including Mahindra, Force Motors, Greaves Cotton and Blue Energy.

This Series B round follows the company’s $10 Mn Series A in February 2023, led by Baring Private Equity India. 

The development comes at a time when India’s deeptech innovations are on a rise backed by the centre’s push and investors’ increasing interest. Last month, eight prominent India and US-based VC firms have together launched ‘India Deep Tech Alliance’ (IDTA) to infuse more than $1 Bn in the country’s deeptech startups over the next decade. 

Besides, venture capital firms are also actively investing in deeptech startups. For instance, Speciale Invest recently announced the close of its third fund at INR 600 Cr. The fund will back ventures across sectors such as spacetech, advanced manufacturing, AI infrastructure, semiconductors, climate tech, computational biology, dual-use defence tech, quantum systems, energy storage and healthtech.

Similarly, Yali Capital also closed its maiden deeptech-focussed fund at INR 893 Cr to back startups operating in segments like chip design, robotics, genomics, smart manufacturing, aerospace and AI sectors.