 "Intangles Lab raises $10 million in funds from Baring Private Equity")
Predictive analytics solutions provider Intangles Lab on Tuesday said it has raised USD 10 million in funding from Baring Private Equity Partners India for expanding its global presence and accelerate hiring.
In the coming years, Intangles is looking to vigorously revamp the electric vehicle segment using its extensive ambient cognitive AI technology, it said.
Founded in 2016, Pune-based Intangles has developed substantial in-house IP by leveraging its proprietary Digital Twin and Machine Learning paradigms to provide predictive vehicle health monitoring solutions to original equipment makers and fleet operators.
Intangles Lab Pvt Ltd has successfully raised USD 10-million in Series A funding from Baring Private Equity Partners India. The proceeds will be used to serve a robust new customer pipeline, expand its global presence and accelerate hiring to strengthen its product engineering, sales and delivery teams, it said.
We are focused on growing our presence across the entire commercial vehicle segment across the globe. In the coming years, we are aiming to vigorously revamp the EV segment using our extensive Ambient Cognitive AI technology, said Anup Patil, Co-founder and CEO, Intangles.
In the direct market, the company is witnessing growth pan-India and are in the process of onboarding multiple large commercial vehicle OEMs, he added.
EY acted as the exclusive financial adviser to the company on this fundraising transaction, the company said.
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