Intangles raises $30 mn in funding led by Avataar Venture Partners

Predictive AI start-up Intangles has raised USD 30 million (about Rs 266 crore) in a funding round led by Avataar Venture Partners, the company said on Tuesday.

The Pune-based firm received follow-on investments from Baring India Private Equity and Cactus Partners in the funding round.

"Intangles, a global leader in physics-enabled Predictive AI...announced the close of its Series B round, securing USD 30 million in growth funding led by Avataar Venture Partners, along with follow-on investments from Baring India Private Equity and Cactus Partners, reaffirming long-term conviction in Intangles' technology platform," the company said in a statement.

Intangles claims to have developed the world's first AI platform for vehicles called Inroute.

The company said that its digital twin technology makes Intangles the only player globally with the capability to warn fleet owners of impending vehicle failures with the exact causes, up to a month in advance, with around 95 per cent accuracy.

Intangles plans to use the fresh capital to accelerate global deployment of its predictive AI systems.

Intangles has already expanded its global footprint to North America, Europe, Southeast Asia, and the Middle East. The company claims to manage over 4 lakh vehicles across industries, such as long haul, transit, construction and mining segments.

"This investment strengthens our ability to expand that architecture across geographies and industries that are grappling with increasing volatility and complexity. The path forward is about scaling intelligence that is responsive by design, capable of navigating uncertainty without being limited by it," Intangles co-founder and CEO Anup Patil said.