Leanworx, a Bengaluru-based company specializing in real-time machine monitoring systems, has raised ₹8.3 crore in a seed funding round. According to the company, the funding was led by YourNest Venture Capital, contributing ₹6.5 crore, alongside ₹1.5 crore from an angel investment group.
The investment is part of the YourNest-SanchiConnect Velocity Program 2024, which supports startups with funding, mentorship, and market access. Leanworx plans to use the funds to scale its marketing and lead generation efforts in India and Southeast Asia and to advance product development, including hardware and software certification.
Established in 2017 by D. Srihari, Bhagavan S. K., and Dasarathi G. V., Leanworx provides a cloud-based SaaS platform and IoT devices that deliver real-time data from shop-floor machines. The system uses AI and analytics to collect and transmit actionable data to decision-makers within one minute, addressing delays and inaccuracies associated with traditional paper-based systems that typically take 24 to 36 hours.
The company’s solutions aim to address challenges in machine utilization rates, which often fall between 30% and 50%. Market research indicates that India’s Industry 4.0 shop floor monitoring market comprises over 3 lakh metalworking machines and 9 lakh FMCG manufacturing machines, with a significantly larger global market.
This funding will enable Leanworx to enhance its presence in the growing Industry 4.0 sector and further develop its technology offerings.