Leanworx raises seed round led by YourNest Venture

Leanworx, a Bengaluru-based startup empowering manufacturing plants with real-time data, has raised Rs 8.3 crore (approximately $1 million) in its seed funding round. The round was led by YourNest Venture Capital with Rs 6.5 crore and Rs 1.5 crore from an angel investment group.

This funding comes as part of the YourNest-SanchiConnect Velocity Program 2024, an accelerator initiative designed to support high-growth startups like Leanworx by providing strategic funding, mentorship, and market access.

The proceeds will be directed towards scaling marketing and lead generation efforts in India and Southeast Asia and advancing product development, including hardware and software certification, Leanworx said in a press release.

Co-founded in 2017 by D. Srihari, Bhagavan S. K., and Dasarathi G. V., Leanworx provides a cutting-edge, AI-powered machine monitoring system that delivers real-time, actionable data from shop-floor machines to decision-makers, allowing for faster and more accurate decision-making.

Leanworx aims to empower manufacturing plants to get real-time data from machines through Industry 4.0 cloud-based SaaS products and IoT devices. The company’s Industry 4.0 machine monitoring system gets data from machines to decision-makers in 1 minute, using AI and analytics. The current paper-and-people-based data chain takes 24 hours.

According to market research, the Industry 4.0 shop floor monitoring market in India includes over 3 lakh machines in metalworking and 9 lakh machines in FMCG manufacturing, with a global market 60 times larger.

Leanworx’s system eliminates the hassle of machine capacity, which has low utilization, often between 30%-50%, due to delays and inaccuracies in the current paper-based data collection systems by offering a plug-and-play, IoT-enabled solution that delivers precise data to managers in just one minute, compared to the 24 to 36 hours it typically takes for traditional data processes.