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.
“In the next 12 months, we plan to make a dent in the US market and have reference clients in the Pharma and FMCG industry in the US. We have some exciting new technology that we will introduce in the next 12 months which will help the customer cut-down on the time to market dramatically,” says Vilva Natarajan, founder and CEO, Karomi Technology.
With this investment, Karomi will look to benefit from Ideaspring Capital’s hands-on approach for the startups in early stages.
In April 2016, TV Mohandas Pai, Patni scions Arihant Patni and Amit Patni, angel investors Naganand Doraswamy, and Prashant Desphande joined hands with Sasken Technologies CMD Rajiv Mody to float a $18.7 Mn (INR 125 Cr) fund called Ideaspring Capital. Ideaspring Capital is an early-stage venture fund focussed on investing in product innovation startups in India.