Bengaluru-based Leanworx, a startup specializing in real-time machine monitoring solutions for manufacturing, has raised INR 8.3 crore in its seed funding round. The investment was led by YourNest Venture Capital, which contributed INR 6.5 crore, along with INR 1.5 crore from an angel investor group. The funding was part of the YourNest-SanchiConnect Velocity Program 2024, designed to accelerate high-growth startups through funding, mentorship, and market access.
Leanworx, currently connected to over 2,000 machines across industries, plans to expand its reach into high-density manufacturing markets like Thailand, Vietnam, Indonesia, and Mexico, while also targeting the FMCG sector, particularly packaging and plastics. To support this growth, the company aims to onboard new talent, including a Vice President of Sales, Regional Sales Managers, and a Marketing Manager.
Founded in 2017, Leanworx offers an AI-powered, IoT-enabled machine monitoring system that provides real-time, actionable data to decision-makers within one minute. This technology replaces outdated paper-based systems that can take up to 36 hours to process data, helping manufacturers increase productivity and optimize machine utilization. The funds will be directed toward scaling marketing and lead generation in India and Southeast Asia, advancing product development, and achieving hardware and software certifications.
D Srihari, Director of Sales & Marketing at Leanworx, commented, “Leanworx is empowering India’s top manufacturing companies to enhance productivity in metalworking. This funding will enable us to expand globally, venture into new industry verticals, and enhance our product offering to deliver greater value. We aim to consolidate our position and emerge as a leader in this growing domain across India and Southeast Asia.”
Leanworx addresses a critical challenge in manufacturing—low machine capacity utilization, which often hovers around 30%-50% due to delays in traditional data collection systems. The company’s solution enables precise, real-time data collection, significantly improving operational efficiency. Venkat Raju, Venture Partner at YourNest, added, “Leanworx’s plug-and-play IoT system tackles key inefficiencies in manufacturing and aligns with our focus on scalable Industry 4.0 solutions. With a clear growth strategy and a large addressable market, the company is well-positioned to capture significant market share in the coming years.”
India’s Industry 4.0 shop-floor monitoring market includes over 12 lakh machines in sectors like metalworking and FMCG, with a global market 60 times larger. Leanworx aims to tap into this vast opportunity, with the Indian market alone representing a potential annual revenue of INR 3,000 crore and the global market exceeding INR 1.8 lakh crore.
Founded in 2011, YourNest Venture Capital invests in DeepTech and IP-driven startups. Through its three funds, YourNest has supported innovations that have attracted Fortune 500 clients and earned global patents. With a proven track record of exits and strong portfolio performance, YourNest remains a leader in fostering high-potential technology startups. Sanchi Connect, based in Noida, is a prominent accelerator for DeepTech startups. Backed by Baring PE Partners and major VCs, the platform supports early-stage IP-led startups through thematic accelerator programs and corporate innovation partnerships.
