Hyderabad-based cloud based prototyping and usability testing platform, CanvasFlip, has raised $1.2 Mn in seed round from Silicon Valley-based venture capital firm Bessemer Venture Partners (BVP).
The funds raised will be used to enhance product capabilities, enable growth practices, as well as towards exploring the international market. The firm may soon open a front office in Silicon Valley, as per CEO Vipul Mishra.
CanvasFlip is a cloud based prototyping and usability testing platform which allows product managers, UX teams and non-tech Entrepreneurs to validate their idea and user experience without writing a single line of code. Users can create a prototype (clickable demo of apps) from design and share it with other stakeholders to get actionable analytics on these prototypes. Validating flow and user experience at the design stage helps companies to save significant amount of time and development iterations.
Commenting on the development, Vipul Mishra, CEO, stated, “It’s great to have the support of one of the world’s largest venture funds. This is more than financial backing. Even before this investment, the Bessemer team has been helping us to evolve the product and business model. We share the vision of CanvasFlip solving major pain points in the UX space.”
In the last 23 months, CanvasFlip has grown to a 140+ enterprise customer base which includes some enterprises such as Paytm, MakeMyTrip, DineOut (TimesCity), Tech Mahindra and many others. The company was founded by 26 year old duo Vipul Mishra and Manish Jha in Hyderabad as an online animation platform and after a series of pivotal experiments, it emerged as a prototyping and usability testing solution.
Raghav Bahl, Vice President, BVP stated, “It is no news that design is playing an increasingly important role in the success of a mobile application. CanvasFlip enables product managers to validate mobile application design, by providing rich and conclusive usage feedback from the target user segment, even before a single line of code is written. This helps product managers reduce the time taken to bring the application to market and also, save on expensive development resources. Finally, this is a passionate founding team with a deep understanding of the consumer pain point and strong product development skills.”
This year in February, Bessemer Venture Partners, had raised $1.5 Bn (INR 10,000 Cr) for its IX Investment Fund and stated that about tenth part of the total amount raised i.e. around $188 Mn (INR 1,250 Cr) would be invested in Indian startups. The fund will focus on startups dealing in consumer internet, enterprise technology, mobile, cyber security, cloud computing and SaaS, developer platforms and developer infrastructure, healthcare IT and space.
It recently invested $1 Mn in Pre-Series A round of funding in the video analytics start-up Vidooly. The firm has also invested in Indian startups ReGlobe, Bigbasket, LivSpace, HandyHome and TravelTriangle this year.
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