Chennai-based tech startup, Karomi Technology has secured $494K (INR 3.3 Cr) for its flagship product ManageArtworks from early-stage venture fund Ideaspring Capital, marking the fund’s first seed investment. The company will utilise the freshly infused funds to aggressively expand into the US market and product development.
Commenting on the development, Naganand Doraswamy, MD, Ideaspring Capital said, “Karomi applies core technology like computer vision and automation to artwork management. It has a great team and, with this investment, will be able to expand into international markets aggressively.”
Founded by Vilva Natarajan in 2003, Karomi is a global technology solutions provider, with significant focus across two principal industries – Life Sciences and CPG (Consumer Packaged Goods). Its global headquarters are located in Chennai, India and the US, with a partner presence in the EU, Latin America, and Australia.
The company launched its flagship product ManageArtworks in 2015. It is a Packaging Artwork Management Software that helps regulated industries like Pharmaceuticals, Fashion, and Consumer Packaged Goods to ensure regulatory compliance of their pack labels.
It further connects all stakeholders into an automated workflow, enable users with proofing tools based on image and text matching algorithms.
With all the artworks centrally managed in a version controlled online library, customers are able to get their products faster to the market and remain compliant with the constantly changing regulatory requirements.