DesignX, announced it had raised $300K from Modulor Capital via its investment vehicle ThinkNext LLC & Angels from the manufacturing sector. DesignX specializes in shopfloor hyper-automation with its powerful industry-agnostic product suit DFOSTM (Digital Factory Operating System). DFOSTM is a SaaS based product to discover, analyze, design, automate, measure shopfloor processes. It enables manufacturing companies with real-time intelligence about the shopfloor and unlocking enhancement opportunities.
According to Gartner Hyper-automation is a combination of tools, including Robotic Process Automation (RPA), intelligent Business Management Software (iBPMS) and AI, with a goal of increasingly AI-driven decision making. Also, “Hyper automation often results in the creation of a digital twin of the organization”.
Shreedhar Gupta Director of the Abhishek Group (part of the Indian Automotive Sector) and an investor in various start-ups has given his vote of confidence to DesignX vision by investing and joining as a board observer. Company is all set to reach new heights under his guidance.
Also, this round saw the participation of a syndicate of industrial intellect lead by Ravin Sanghvi. As with DesignX, they could see the missing piece of shopfloor digital transformation.
Rajat Srivastav CEO and CPO DesignX, said, “The goal of DFOSTM is to provide a digital infrastructure helping manufacturing industry for a systematic digital transformation, as companies can’t keep on bootstrapping for every new digital need.”
Nishant Srivastav, CTO of DesignX, said, “Already having a platform which provides a 360-degree connectivity of the shopfloor processes, we would be spending a good portion of the funding for adding most advanced techniques for adding more & more value to our customer operations.”
Shreedhar Gupta, Director Abhishek Group and Board Observer of DesignX, said, “I am excited to be guiding this young, energetic and talented team of DesignX scale up and become successful. I truly believe in the value of this product and firmly believe that it will immensely benefit any manufacturing company that uses it.”
Bhavish Sood, General Partner at Modulor Capital and board member, said, “As an early leader in IIoT, DesignX has built strong capabilities in IT-OT integration with its manufacturing customers thanks to deep domain knowledge and software expertise.”
Ankur Gupta, head of investor relations at logistics firm Ecom Express Pvt. Ltd. also participated in the funding round.
Venture Garage, an advisory firm for early-stage start-ups, served as financial advisor to DesignX for the transaction.
Vineet Sagar, Co-founder & Managing Partner at Venture Garage, said, “DesignX has a strong clientele of global manufacturing companies. With Modulor Capital & Mr. Shreedhar coming on board the product offering and the traction will get a boost.”
Everis Consulting served as financial advisors and Sequitur as legal advisors to Modulor Capital.