AI platform Intangles has raised $30 million in a Series B funding round, led by Avataar Venture Partners.
Other investors in this round include Baring India Private Equity and Cactus Partners.
The company plans to use the money to improve its technology, expand into new markets, enhance its predictive AI models, and hire more team members.
Earlier, in February 2023, Intangles raised $10 million in a Series A round led by Baring Private Equity India.
“We are building physics-based foundational AI architecture that interprets real-world physical systems, learns as conditions evolve, and delivers foresight where it has the greatest operational consequence,” said Anup Patil, co-founder and chief executive officer of Intangles.
“This investment strengthens our ability to expand that architecture across geographies and industries that are grappling with increasing volatility and complexity,” he added.
Intangles’ digital twin technology can warn fleet owners about possible vehicle problems up to a month in advance with around 95% accuracy. This helps reduce maintenance costs and supports a high-profit SaaS business model.
The platform is said to increase fleet profitability by up to 50% and provide a 5x return on investment per truck.
Intangles works with OEMs and large fleet operators, helping them lower overall vehicle costs and achieve ESG goals by reducing fuel consumption and emissions.
The company has expanded to North America, Europe, Southeast Asia, and the Middle East, supports different fuel types and complex operations, and currently manages over 400,000 vehicles across long-haul, transit, construction, and mining sectors.
Key clients include some of the largest global OEMs and fleet owners, with the platform saving up to $10,000 annually per vehicle.
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