Mumbai-based venture capital fund, Unicorn India Ventures has invested in three Kerala-based startups – GenRobotic, SectorQube and Perfectfit Fashion.
Unicorn India Ventures has been actively exploring investment in Kerala post partnering with Kerala Startup Mission (KSUM), which is also an investor in Unicorn India.
On these investments, Anil Joshi, Managing Partner, Unicorn India Ventures, said, “Kerala is the hotbed for growing startups in the country today. The State Government backed accelerator, KSUM, is working aggressively with the industry experts to nurture the startup ecosystem in the State and we are excited to partner with KSUM in fostering the spirit of entrepreneurship by way of investing and mentoring the Kerala-based startups, which is core to Unicorn India.”
Unicorn India Ventures, launched in 2015, has been investing in early-stage startups with an innovative idea working in sectors like consumer, enterprise, healthcare, ESDM and deep technology domains. The VC fund has made investments across 10 startups since its inception.
Kerala-based GenRobotic was founded in 2015 by Rashid Bin Abdulla, Vimal Govind MK, Nikhil NP and Arun George. The startup specialises in powered robotic exoskeletons with RC Controlled Humanoid Robotic Systems and Artificial Intelligence in order to find the best solution for socially important issues.
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The Company has also received a grant from BPCL to further research in the area and develop Bandicoot, a product under design to build an automatic robotic system for manhole and sewer cleaning to eliminate manual scavenging.
Vimal Govind, Co-founder, GeneRobotic, said, “We are working towards a mission to use robotic technology to eliminate manual labour from areas like sewer cleaning which results in 9,000 – 10,0000 death every year.”
As per the company, the latest funding secured from Unicorn India will be used for achieving a product-market fit and strategic hiring. Besides, there are also plans to foray into international markets like the Middle East and Southeast Asia.
SectorQube was founded in 2011 by Sabarish Prakash, Nibu Alias, Ani Abraham Joy, Arjun S, Midhun Skaria, and Biniyas VL. The startup has been working on making smart kitchen appliances and is currently working on a next-generation smart kitchen appliance.
SectorQube plans to use the funds to make the product market ready. The startup also has an eye on international expansion where the Indian diaspora is strong.
Nibu Alias, CEO and Co-founder, SectorQube, said, “Our company is at a phase where the infusion of funds from the right investor like Unicorn India can accelerate our growth and help us gain the first mover advantage. Our ongoing work on a smart kitchen appliance and an IoT platform need funds to scale up the platform.”
Koshi-based Perfectfit Fashion specialises in 3D body scanning systems for fashion and healthcare industry. The Perfectfit Fashion 3D scanner scans the user to generate exact body measurements, which are used to cut apparels pattern from fabric sheet. The scanning systems produce the final apparel in a fraction of the time taken by conventional manufacturing techniques.
The startup plans to utilise the latest funding towards product enhancement and customer acquisition.
Eobin George, Co-founder, Perfectfit, said, “We are excited to have found a passionate and like-minded investor like Unicorn India Ventures. The seed round will help us deploy our first commercial product line – The Perfit Uniform Solutions – this year. We also plan to double our team strength, set up a new development center and fast-track our research and development.”
With the State Government’s backing, KSUM is aggressively promoting entrepreneurship in the state aligned to the vision of Startup India and Unicorn India is at the forefront to provide strategic guidance and financial support to Kerala’s fast-growing startup story.
On the development, Dr Saji Gopinath, CEO, KSUM, said, “The State Government is committed to build a proactive startup ecosystem by extending financial and strategic support to the startups in the state. It is under this vision that we have partnered with Unicorn India Ventures, making it the first early-stage venture fund to invest in startups in Kerala.”
Unicorn India Ventures has already invested in startups like Boxx.ai, Sequretek, SmartCoin, GrabonRent, NeuroEquilibrium, VLCC VanityCube, among others. Also, recently, the Fund announced the launch of a Venture Debt fund of $93.3 Mn (INR 600 Cr).