Mumbai-based Covacsis Technologies Pvt Ltd, an enterprise software firm, has raised its Series B round from multiple investors led by GenNext Ventures, the venture investment arm of Mukesh Ambani-controlled Reliance Industries, sources close to the development told VCCircle.
The startup had earlier raised around Rs 2.5 crore from Blume Ventures, India Venture Partners and an unnamed foreign VC fund.
"We have raised the amount from GenNext Ventures and existing investor Blume Ventures, among other investors have also participated in the round," confirmed Covacsis' co-founder Tarun Mishra declining to give any further information.
"This round of funding should help the company get the right push on the technology and business front," said Karthik Reddy of Blume Ventures.
Founded in 2009, Covacsis was incubated at IIT Bombay's Society for Innovation and Entrepreneurship (SINE), Covacsis stands for Collaborative Value Creation by Strategic & Innovative Solution. Its key product Intelligent Plant Framework enables tracking of machinery and productivity in real time.
The product allows acquisition of data from disparate machines in real-time; management to view cost, quality and productivity related parameters that are acquired and analyzed in real-time; and rendered in a hierarchical manner to all stakeholders.
Big Data analytics forms the core of its product that crunches massive amounts of structured and unstructured data to identify non-linear relationships between these data and render actionable insights and knowledge reports to users situated across the globe.
Starting with its first client in 2010, it now claims over 15 customers including Sun Pharma, Cipla, Goodyear, Ipca Labs, Trident Group, Welspun, Rallis, Raymond and Essel Propack among others.
Covacsis was co-founded by two IIT Bombay alumnus Tarun Mishra and Abhijeet Mhatre. Mishra was COO at Mahindra Logisoft Business Solutions prior to starting Covacsis.