Global industrial analytics firm Neewee Analytics has raised $4 million (Rs 27.6 crore at the current exchange rate) in a Series A funding round led by IIFL India Private Equity Fund, an investment vehicle floated by IIFL Asset Management Ltd.
A Canada-based investment firm that wasn’t named also participated in the round which was facilitated by Radix Capital Advisors, according to the statement.
IIFL Asset Management Ltd, a unit of financial services firm IIFL Holdings Ltd, acquired a significant minority stake in Neewee Analytics through the transaction.
“This fundraise sets us up for our next phase of growth, which is to focus on growing European and Indian markets further, while creating footprints in other geographies,” said Neewee co-founder Harsimrat Bhasin. Expanding to North America, too, is on the agenda for the company.
“We will also accelerate our product development to cater to the expanding customer base and use cases,” Bhasin added.
Bengaluru-headquartered Neewee Analytics focuses on the manufacturing sector and provides solutions for production flow and visibility across processes.
Founded in 2014 by Suyog Joshi, Harsimrat Bhasin, Nataraj Soorkod and Guchhu Gul Lalwani, the firm works with companies in manufacturing segments such as aviation, tobacco, automotive components, among others.
It licences its analytics offerings under the brand name of Bodhee.
“Bodhee helps companies to improve quality, improvise yield and optimise resources across the manufacturing value chain and brings outcomes of analytics close to the shop floor for maximum impact,” said Prashastha Seth, senior managing partner of unlisted equities at IIFL Asset Management.
IIFL’s investment was made via its alternative investment fund which was launched last May to back early-stage companies in the healthcare, technology, financial services and consumer sector.
Deals in the segment
February 2019: US-based enterprise software company Pegasystems Inc announced the purchase of Infruid Labs Inc, a business analytics and data visualisation software company.
January 2019: Private equity firm Apax Partners agreed to acquire a significant minority stake in Fractal Analytics for $200 million (Rs 1,400 crore) through a mix of primary and secondary share purchases.