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National, 4th April, 2024: Venture Catalysts, India’s first integrated incubator and largest early stage investment firm, today announced that it has led the Seed round of funding, joined by other investors in raising $600k for Cloudworx Technologies Pvt. Ltd., pioneers in the field of digital twins in the emerging enterprise metaverse market. This marks a pivotal moment in Venture Catalysts’ unwavering commitment to bolster technological innovation in India, with Cloudworx emerging as a disruptive and unique startup revolutionising the country’s digital landscape.
With an $8.8 billion global market size, the digital twin market is a burgeoning sector within the broader Industrial Metaverse. MIT and Siemens have reported that the market is expected to reach a staggering $100 billion by 2030, with asset-intensive industries eagerly seeking 3D solutions that enable seamless links to revolutionise processes along the entire value chain. Founded in 2019 by Yuvraj Tomar and Kaushik Bharadwaj, Cloudworx Studio is a revolutionary no-code, web-based IDE that enables users to create, manage, and maintain digital twins and other 3D enterprise applications directly from their web browsers. The startup focuses on creating comprehensive digital replicas of ports, terminals, smart cities, R&D labs, industrial IoT, facility management, and more. Serving as afoundational elements for enterprise metaverse, Cloudworx’s digital twins enable unparalleled efficiency and insight into physical assets and environments.
“We identified an unparalleled value proposition within Cloudworx’s innovative technology, which was an opportunity hard to forego,” said Dr. Apoorva Ranjan Sharma, Director & MD of Venture Catalysts. “The integration of digital technologies has accelerated, and the advent of the metaverse presents new avenues for businesses to develop advanced products, upgrade to finer solutions, and achieve unmatched results with an insight-driven approach. An appealing aspect of Cloudworx was their unique business model, which is bound to set the benchmark for future startups in the emerging digital twins industry. We are excited to partner with Cloudworx on their journey to revolutionise processes across the value chain, across industries, and look forward to working with them together in building Industry 4.0.”
With 13 years of experience in IoT, 3D application, and product development, including stints at Google and Cisco, Yuvraj Tomar, CEO, founded the company along with Kaushik Bharadwaj, the CTO and Co-Founder of Cloudworx, who brings 8+ years of experience in technology architecture, having been the CTO of a security startup and worked with XDA Developers and PrimeAuth. “We’re exhilarated by the growth and adoption of digital twins. As AI and digital twins become pivotal in creating meaningful business solutions across various domains, this funding marks a significant milestone. We’re committed to leading this transformative wave, ensuring that by 2030, any work that can be digitised into 3D, will be,” stated Yuvraj.
The Seed round was led by Venture Catalysts and 1Crowd, with participation from existing investors SucSEED and LetsVenture, alongside new investors Provista and Agility Ventures. The company also stated that the successful round of funding worth $600k will be leveraged by Cloudworx to accelerate growth and expand international reach in the global digital twins market.
About Venture Catalysts
Venture Catalysts is India’s first integrated incubator. It typically invests $250K – $2 Mn in early stage start-ups with a potential to create enduring value for over a long period of time. Founded in 2016 by Dr Apoorva Ranjan Sharma, Anuj Golecha, Anil Jain and Gaurav Jain, Venture Catalysts has invested in over 300+ startups since inception. The cumulative valuation of the startups invested by Venture Catalysts is $10 Bn+. Venture Catalysts has its presence across 55 cities in 9 countries and is one of the most active early stage investor globally.