Amount Raised
$4.2 Million
Round Type
Seed
Description
SwitchOn, an artificial intelligence-enabled vision inspection system for manufacturing companies, on Monday said it has raised $4.2 million in a funding round, led by a Singapore-based fund.The Bengaluru-based software-as-a-service (SaaS) company declined to share the name of the fund. Other funds—Axilor Ventures and Pi Ventures—and angel investors—Alstrut India managing director Anuj Bihani and former chief executive of Cognizant Laxmi Narayan—among other returning investors also participated in the funding round, dubbed Series A.The company, with 80% of revenues generated from India and 20% from the United States, has raised $5.2 million in total so far. It works across 50 plants of its 20 clients across the two regions with $1.5 million in annual recurring revenue, co-founder Aniruddha Banerjee told ET.The company entered the US seven months ago. The fresh investment will help the startup continue rapid growth in India, scale internationally with large enterprises, make key hires in sales and technology and also invest in research and development, it said in the statement.The 35-member team is expected to expand to 60 by July, Banerjee added
Who else raised in SaaS and Software around the same time
Companies in the same sectors as SwitchOn that raised within 45 days of this round, from Fundz verified event records.
- Catalyst raised an undisclosed amount (Funding Round) on May 25, 2023.
- Kustomer raised $60M (Funding Round) on May 23, 2023.
- Seek AI raised $3M (Seed) on May 19, 2023.
- Incentivio raised $10M (Funding Round) on May 17, 2023.
- Incentivio raised $15M on May 12, 2023.
- Cranium Al raised $4.7M (Seed) on May 10, 2023.
Who to call at SwitchOn, and when
A new round usually means SwitchOn is about to hire and buy. The teams that reach out first get the meeting.
- An alert the day SwitchOn raises, hires an executive or expands, scored against what you sell
- The decision-makers there, with verified emails
- Who you already know at SwitchOn, from your own LinkedIn network
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Related People
SwitchOn raised. Fundz records a round at a median of 3.6 minutes from the SEC filing, with the decision-maker attached.
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