Startup working to bring MSMEs into metaverse secures funds on Shark Tank India
- Founded in 2020, the AI company
Cloudworxlets clients build 3D models without need of coding knowledge, its founder claimed on Shark Tank India.
- There is additionally no need for a web browser as any employee can scan a code and access the digital twin of the company store.
Namita Thaparand Anupam Mittalsealed the deal at 40 lakhs with 3.2% equity at valuation of ₹12.18 crore.
AdvertisementCloudworx, an Indian AI startup that helps build 3D models requiring no former knowledge of coding received ₹40 lakhs investment on Shark Tank India season 2. Their innovation has already received a patent in 2019.
Coding is essentially the ability of writing computer programs using a defined language. The startup Cloudworx claims it has found a way where a user doesn’t need to learn coding language to make a 3D model work.
From a survey conducted by Gartner, 75% of businesses want to implement digital twins (3D models), but only 13% have implemented it so far; the other 62% have it on their roadmap but find it hard or don't have the direct skill set in the team to implement it, Cloudworx stated.
“Without going to your own factory, you can monitor which machine of your factory is utilising more energy. This is through a technology called
There is no need for a web browser as any employee can scan a code and access the digital 3D model of the company store,” Tomar added.
The founder claimed on Shark Tank India that the app offers major steps- First, it connects devices, network, software, people and processes. Second, imports 3D models and lets clients customise the feel and look of their virtual store. And third, build 3D workflows without writing any code.
Founded in 2020, the company aims to make metaverse accessible and easy to use and understand. The company claimed to have made ₹1.5 crore annual sales since 2020. They also reported no profit on the show.
On why the company's sales were low, Cloudworx founder said, “Sales were low because we made the mistake of only concentrating on the India market initially where usage is still picking up. When we expanded to other countries, we started gaining clients. European clients are especially easily convertible,” Tomar claimed.
Shark Namita finds a use case for the service
Shark Namita Thapar, who manages 14 factories of Emcure Pharmaceuticals was interested in the startup as the founder displayed how she can use it for her benefit via a demo.
Advertisement“You manage 14 factories and often would need to be physically present for monitoring their output. With the use of this technology, you won’t need to be dependent on charts, dashboards, graphs to make decisions. You can monitor your factories from anywhere. One click from the software can physically switch on or shut down any functions in the factory,” he claimed.
On Thapar’s call of ‘shaking the world of MSMEs’, the final deal was sealed with the Emcure executive director and Anupam Mittal at ₹40 lakhs with 3.2% equity at valuation of ₹12.18 crore . The startup had already raised ₹71 lakhs in a seed round that happened in May 2020 at valuation of ₹8 crore.
Rest of the sharks opt out
Anupam Mittal, co-founder of Shaadi.com wished to know how the founder will compete with the big tech giants of the world and build a global presence.
“I am not targeting the Fortune 500 companies who will only approach global tech giants for their work. My clients will be the SMEs and MSMEs who can’t afford the fees of tech giants like Microsoft and gaming giant Nvidia. One Microsoft and Nvidia license will cost $1 to $2 million. If someone in the field is providing the same features at one hundredth the cost, why would any client not want to jump in?”, Tomar said.
Amit Jain, co-founder of CarDekho, stepped out of the deal claiming the platform offers no innovation and the products that they offer are already available in the market. CEO and co-founder of Sugar Cosmetics Vineeta Singh stepped out of the deal as well.
“Your platform needs two things to succeed. One, it needs to build an international
Suggesting he should concentrate more on the vast opportunities of consumer metaverse, co-founder of boAt Aman Gupta denied funding to the startup.
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