Industrial IoT Startup Proxgy Raises $1.9M Funding to Foster Next-Gen Industrial IoT Solutions
Proxgy, an industrial IoT startup, has made headlines by raising $1.9 million (Rs 16 crore) in a pre-Series A funding round in a mix of primary and secondary investments.
As per the startup, the freshly raised funds will be used to improve Proxgy’s Industrial IoT infrastructure and capex requirements for new product development.
Further, part of the raised funds will be used by the IoT startup for research and development (R&D) purposes. Several investors, including LetsVenture, Cogniphy Angel Fund, Planify Angel Fund, Mach Tech Fund, and Madhuram Papers Family Office, among others, participated in the funding round.
Proxgy | Industrial IoT Startup
Founded by Pulkit Ahuja in 2020, Proxgy is an industrial IoT startup that offers a range of IoT solutions catering to the needs of blue-collar workers operating in various industries. The industrial IoT startup offers smart wearables and safety products that prioritize workplace safety and efficiency.
The startup offers these products to businesses across industries that include fintech, oil and gas, mining, manufacturing, factories, worker safety, inspections, policing, insurance, worker compensation management, body cams, insurance claims, remote assistance, warehousing, logistics, and transportation.
Speaking about the development, Pulkit Ahuja, the founder and CEO of Proxgy, stated that the freshly raised funds not only strengthen their ability to serve their existing clients but also open doors for new partnerships for its ‘Made in Bharat’ innovative solutions.
“This new funding equips Proxgy with ample resources to foster innovation and sustain operations for the next two years.”
The Gurugram-based startup counts ICICI Bank, Bank of Baroda, and Bank of India, among others, as part of its client portfolio. With the freshly raised funds, the Gurugram-based startup plans to work on its SaaS scalability. Further, it aims to use the funds to enhance its operational capacities to meet the demands of its clients and boost market presence.
There has been an increase in IoT-based industrial solutions. Earlier in May, industrial IoT firm Infinite Uptime raised $18.85 million in a Series B3 funding round led by Tiger Global to strengthen its global marketshare and multiply value delivery and service quality across industry segments.
Also, Doppelio, an IoT test automation platform, raised $1.2 million (around Rs 9.8 crore) in a pre-Series A funding round from Axilor Ventures and Mela Ventures for research and development and geographical expansion.
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