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Planys Technologies, PlatinumRx secure early-stage funding

VCCircle

VCCircle · 1y ago

Planys Technologies, PlatinumRx secure early-stage funding

Deeptech startup Planys Technologies has secured $5.1 million in funding led by Ashish Kacholia, with participation from other investors. Planys specializes in marine robotics, underwater non-destructive testing, and infrastructure management solutions. The company's technology stack is developed and manufactured in India and targets industries such as dams, bridges, ports, and oil and gas. In a separate deal, healthcare startup PlatinumRx has raised $800,000 in seed funding. The Bengaluru-based company curates and offers value substitute essential medication, aiming to provide cost-effective options for consumers. The funds will be used to expand its distribution network and product offerings.

Related News

Planys Raises INR 43 Cr To Offer Underwater Infrastructure Testing Solutions

Inc42 · 1y ago

Planys Raises INR 43 Cr To Offer Underwater Infrastructure Testing Solutions

Deeptech startup Planys Technologies has secured INR 43 crore ($5 million) in funding led by angel investor Ashish Kacholia. The Indian company, founded by IIT Madras alumni and faculty, offers underwater infrastructure testing solutions. The funding will be used to accelerate Planys’ mission to revolutionise infrastructure inspections through advancements in marine robotics, underwater testing, and digital analytics and reporting platforms. Planys already works with industry players including Reliance Industries, IOCL, BPCL, and Indian Railways, and aims to expand globally and diversify into oceanographic and defence use cases.

Angels-backed Medyseva set for pre-Series A round

VCCircle

VCCircle · 1y ago

Angels-backed Medyseva set for pre-Series A round

Indore-based telemedicine firm Medyseva Technologies, backed by a group of angel investors including Horses Stable, Mohit Gulati, and Vivek Bindra, is gearing up for a pre-Series A funding round. The company aims to secure $1 million in early-stage funding to further expand its telemedicine services.

Startup funding plummets 80% on year to $45 million this week

Economic Times

Economic Times · 1y ago

Startup funding plummets 80% on year to $45 million this week

Startup funding in the second week of April 2024 declined by about 80% from the same period last year, totaling $45 million across 10 deals. The average funding per deal dropped to $4.5 million. AI cloud and platform-as-a-service startup, Neysa, accounted for 44% of the total corpus raised this week with a funding round of $20 million. Most of the funding went to seed-stage startups, capturing 59.2% and raising $26.7 million. The top five deals included Neysa, Recykal, Planys Technologies, Arrivae, and EyeMyEye.

Deeptech startup Planys raises $4 Mn

Entrackr

Entrackr · 1y ago

Deeptech startup Planys raises $4 Mn

Deeptech startup Planys Technologies has raised $4 million in its ongoing pre-Series A round. The fresh investment tranche has come after a gap of more than two years for the Chennai-based firm. The board at Planys Technologies has passed a board resolution to issue 8,471 CCPS at an issue price of Rs 41,600 each to raise Rs 35.23 crore, its regulatory filing accessed from the Registrar of Companies shows. Himalaya Finance, Golden Birch Investments, Krishna Defence, Impact India Investments, SiriusOne Capital, and several individuals including Ashish Ramesh Kacholia, Shalini Chhabra, and Puneet Gupta participated during the new investment tranche. The company also approved its MSOP pool of 1,445 equity shares amounting to Rs 6 crore (as per the valuation report) in February, a separate filing shows. Established in 2015 by Tanuj Jhunjhunwala and Rakesh Sirikonda, Planys does underwater inspection by offering secure and adaptable solutions through marine robotics and analytics systems. The company has been working on over 350 projects with its 10 products across 5 countries. It also has more than 30 patents under its belt. Planys Technologies has raised around $8 million to date including a $1.6 million round led by Keiretsu Forum, LetsVenture in November 2021. According to the startup data intelligence platform TheKredibe, the company has been valued at around Rs 135 crore (post-money) in the new tranche. Unlike other startups, Planys hasn’t been growing at a rapid clip and this could be evident from its flat scale which grew to Rs 8.63 crore in FY23 as compared to Rs 7.41 crore in FY22. Moreover, the firm’s losses also spiked 3.2X to Rs 3.51 crore in the same period.

Aarthi Scans in talks for funding again after PE deal breakup

VCCircle

VCCircle · 1y ago

Aarthi Scans in talks for funding again after PE deal breakup

Aarthi Scans is reportedly in talks with private equity firms to secure funding, following the end of a previous deal. The Chennai-based radiology and pathology diagnostic chain is engaged in early-stage discussions with both local and global investors. This comes nearly two years after its previous funding deal under the name Aarthi Scans.

Seed funding drops 25% in 2024 as VCs retreat

Economic Times

Economic Times · 8m ago

Seed funding drops 25% in 2024 as VCs retreat

Seed funding in India experienced a 25% decline in calendar year 2024 as investors remained cautious. Despite this, startups managed to secure $11.3 billion in overall funding, marking a 6% increase compared to the previous year. Pre-IPO and late-stage funding rounds gained popularity due to the shorter paths to liquidity and stronger returns they offer. Seed-stage funding dropped to $971 million from $1.3 billion in the previous year. The decline in seed funding can be attributed to new venture capitalists pulling back from the market, while institutional investors continue to invest steadily. Deep-tech funding, on the other hand, saw an 11% growth. Late-stage funding and early-stage startups performed well in 2024.

Wing Venture's Sara Choi will dig into pitching VCs at TechCrunch Early Stage 2024

TechCrunch · 1y ago

Wing Venture's Sara Choi will dig into pitching VCs at TechCrunch Early Stage 2024

Wing Venture Capital's Sara Choi, a former founder turned investor, will be sharing her expertise on how to pitch to venture capitalists at TechCrunch Early Stage 2024. As venture capital expectations and market dynamics continuously evolve, it's crucial for early-stage founders to effectively communicate their strengths and momentum. The session will provide valuable insights and advice for founders looking to raise capital in the current challenging funding landscape. The deadline to apply for the So You Think You Can Pitch? program at the event is tomorrow, March 22. Early Stage 2024 is just a few weeks away, so secure your pass soon and save $200.

Advance Mobility, iRasus, Uravu, SportsSkill rake in early-stage cheques

VCCircle

VCCircle · 10m ago

Advance Mobility, iRasus, Uravu, SportsSkill rake in early-stage cheques

Fleet operator Advance Mobility, energy analytics company iRasus Technologies, sustainable water infrastructure startup Uravu, and sports-tech startup SportsSkill have all recently secured early-stage funding. Advance Mobility raised $3 million, iRasus raised Rs 4 crore, Uravu's funding round was led by AWE Funds, and SportsSkill received undisclosed funding from WestBridge Capital co-founder KP Balaraj. These funds will be used to scale operations, expand market presence, and further develop their respective technologies and solutions.

Startup funding down 80% to $144 million this week

Economic Times

Economic Times · 1y ago

Startup funding down 80% to $144 million this week

Investments in Indian startups plummeted by about 80% year-on-year, reaching $143.9 million across 26 deals for the week. In the same period last year, startups secured $722 million in 30 rounds. Late-stage funding led this week's capital influx at $65 million, accounting for 45.2% of the total, followed by $55.3 million in early-stage funding, constituting 38.4%. Notable deals include Nazara Technologies raising Rs 250 crore, International Battery Company securing $35 million, Wow! Momo Foods garnering Rs 350 crore, FinAGG Technologies raising $11 million, and Alt Mobility receiving $6 million.

Online pharmacy PlatinumRx raises $6 million in round led by Stellaris Venture Partners - The Economic Times

Economic Times

Economic Times · 2d ago

Online pharmacy PlatinumRx raises $6 million in round led by Stellaris Venture Partners - The Economic Times

Bengaluru-based online pharmacy PlatinumRx raised $6 million in funding led by Stellaris Venture Partners, with participation from India Quotient. The platform helps consumers find affordable drug substitutes and plans to use the funds to expand operations, enhance tech teams, and open new fulfillment centers. PlatinumRx sources medicines directly from pharmaceutical companies, offering significant savings for patients, and aims to serve over a million customers in the next 12-18 months by expanding its reach and delivery capabilities.

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