Intangles Raises $30 Mn in Series B Funding to Expand AI-Powered Fleet Analytics Globally
Intangles, a deeptech startup specialising in AI-powered predictive analytics for fleet operators and original equipment manufacturers (OEMs), has secured $30 Mn in its Series B funding round. Led by Avataar Venture Partners, this round follows a $10 Mn Series A funding in February 2023, led by Baring Private Equity India.
Founded in 2016 by Anup Patil (CEO), Neil Unadkat (CTO), Aman Singh (analytics head), and Jayshri Patil (head of embedded systems), Intangles offers a range of products including predictive health monitoring, driving behavior monitoring, fuel and DEF monitoring, operations automation, EV monitoring, and location tracking. The startup plans to use the fresh funds to expand into new international markets, bolster its product portfolio, and grow its team.
The Series B round saw participation from Avataar Venture Partners as the lead investor, along with Baring Private Equity India and Cactus Partners. Intangles' offerings are designed to increase fleet owners' net profitability by up to 50% and provide a per-truck ROI of 5x. Currently, the startup's platform supports over 4 Lakh vehicles across North America, Europe, Southeast Asia, and the Middle East, serving over 40 OEM and enterprise clients.
With the successful closure of its Series B funding round, Intangles is well-positioned to continue its growth trajectory. The startup aims to strengthen its global presence, enhance its product suite, and further solidify its position as a leading provider of AI-powered predictive analytics solutions for the fleet management industry.
