Bengaluru-based Leanworx gets Rs 8.3 crore funding led by YourNest Venture Capital

Leanworx, a Bengaluru-based startup which empowers manufacturing plants with real-time data, has raised Rs 8.3 crore in seed funding led by YourNest Venture Capital, according to an official statement. This also includes a Rs 1.5 crore funding from an angel investment group.

The fresh 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 statement said.

Leanworx plans to use the money towards scaling marketing and lead generation efforts in India and Southeast Asia and in advancing product development, including hardware and software certification.

Founded in 2017, Leanworx provides 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 Technologies aligns with our vision of backing scalable Industry 4.0 solutions. Their proven plug-and-play IoT system addresses critical inefficiencies in manufacturing. We were impressed by their strong early traction, and a robust sales funnel featuring industry leaders. Now with a clear go-to-market strategy and a vast addressable market, Leanworx is poised for rapid growth and should capture a significant market share," said Venkat Raju, Venture Partner, YourNest.

The Industry 4.0 shop floor monitoring market in India includes over three lakh machines in metalworking and nine lakh machines in FMCG manufacturing, with a global market 60 times larger. Leanworx claims that its product is poised to tap into this rapidly expanding market, which represents a potential annual revenue of Rs 3,000 crore in India and Rs 1.8 lakh crore globally.