LegaLogic Consulting advises Intangles in Series A funding from Baring Private Equity Partners
LegaLogic Consulting advises Intangles in Series A funding from Baring Private Equity Partners
The capital solidifies its position as India’s defacto automotive AI solution provider
LegaLogic Consulting has advised Intangles Lab Private Limited on the $10 million Series A funding from Baring Private Equity Partners.
Intangles, a provider of digital twin solutions was founded in 2016 by four industry experts. It is one of the few global players, having an in-house-developed full-stack presence across patented algorithms, advanced hardware devices & a cloud-based data analytics platform.
The funds will be used to serve a new customer pipeline, expand its global presence, and accelerate hiring to strengthen its product engineering, sales, and delivery teams. The company has developed in-house IP by leveraging its proprietary digital twin and machine learning paradigms to provide predictive vehicle health monitoring solutions to Original Equipment Manufacturers, and fleet operators.
Commenting on the development, Anup Patil, the co-founder and CEO of Intangles said, “We are focused on growing our presence in the entire commercial vehicle segment across the globe. We aim to revamp the electric vehicle segment using our ambient cognitive AI technology. To sustain a growth rate of over 200 percent year-on-year, we are constantly expanding our team by hiring on multiple levels throughout the organization.”
He stressed that the company aimed to become the Digital Twin Open-Source Software (OSS) of the world across all segments.
Patil added, “This will be accomplished while helping the fleet operators monitor, benchmark, and conduct predictive maintenance of assets and identify underperforming assets to increase overall operational profits.”
Meanwhile, speaking on the funding, Rahul Bhasin, the managing partner at Baring India, said, “Intangles is a leader in Digital Twin technology, enabling efficiencies in automotive and industrial applications. Integrating deep competency in Artificial Intelligence, Predictive Analytics, Edge Computing, and Communication Technologies has allowed them to build their state-of-the-art product suite. After getting strong traction in the Indian market, they are venturing into Western markets. We are privileged to partner with them in this journey.”
LegaLogic advised on deal structuring, review, negotiation, and finalization of the deal documentation, due diligence, and assistance.
The team working on the deal documentation comprised Nikita Navindgikar, Prakhar Sharma, Akhil Charan and Riya Jain, and Vikas Agarwal. While Prashant Krishnani and Taneesha Paranjape assisted with the closing, Kunal Dodeja lead the due diligence along with Abhishikha Moyal, Devashree Kulkarni, Tanmayee Apte, and Tanvi Garaty.
Ernst & Young acted as the financial adviser to the company on the fundraising transaction.
