Quarterly Update Q2 2024-25

Dear Reader,

Happy Diwali to you and your dear ones! As early-stage venture capital investors in India, we’ve seen exciting momentum around deep tech innovation and AI. Our Fund 1 portfolio companies Mihup and Ahammune recently raised follow-on funding, marking significant progress. While funding levels are gradually increasing, they’re yet to reach pre-pandemic heights. However, early-stage deal flow remains robust, allowing us to support groundbreaking startups across diverse sectors, from photonics and synthetic biology to AI in EdTech and EV infrastructure.

Our investment focus extends beyond capital infusion; we’re actively working toward successful exits for some Fund 1 companies while supporting follow-on raises for our Fund 2 portfolio. We’re closely tracking India’s rapidly evolving deep tech landscape, especially in transformative areas such as life sciences, quantum computing, AI, and drones. These fields hold immense potential for innovation and impact, and we are excited to see how Indian startups will shape the future.

Porfolio Funding Update

We are excited to announce that our portfolio company?Mihup?has raised Rs 50 crore in a fresh round of funding led by public market investor Ashish Kacholia, with participation from the family office of investor Madhusudan Kela. We have invested in Mihup from our first fund along with Accel India.?The funds will enable Mihup to scale up their product offerings for the automotive and contact centre sectors, invest in research and development and expand to global markets. Mihup has launched Mihup AVA, an in-car virtual assistant, and Mihup Interaction Analytics, offering real-time analytics and automation for customer-agent interactions in contact centres. Some of their marquee clients include Tata Motors, Wipro, Canara HSBC and Pine Labs.

Along with Mihup, we are excited to announce that another of our?portfolio Ahammune Biosciences Pvt. Ltd. has closed their $5 mn Series A round. Pi Ventures lead the round along with participation from Capital 2B , Colossa Ventures and Unicornus Maximus LLP. So many exciting things are happening at Ahammune, from the journey of the Phase 2 human trials for its vitiligo drug candidate, to developing molecules to treat other dermatological and autoimmune diseases. Their small molecule therapeutics platform is focused on treating skin conditions by targeting cellular processes that influence skin health and immunity. This a very unique apprach to development that we are sure will lead to exciting results in the future.

Ideaspring Capital in the news

In the latest podcast episode of Forbes India, Our Managing partner Naganand Doraswamy and CTO Suryaprakash Konanuru sit down and talk about the journey of Ideaspring Capital, our success, our learnings and also the vision for our next fund. Catch the episode here:

On Spotify:?https://bit.ly/3YnZzCV

Founder Series

We had the pleasure of hosting Mukesh Singh, founder and CEO of Zopsmart, as part of our Founder Series.He spoke passionately about his journey which both as a founder as well as his leadership roles at Amazon and Makemytrip. He started Zopnow, an online quick grocery delivery startup in 2011, before the term 'quick commerce' was even coined! That journey and the successful pivot to offering the tech stack as a product to other quick commerce entrants was truly an inspiring story for our founders.?

We look forward to fostering interactions amongst the various stakeholders of the ecosystem by hosting many more such events in the coming months.

Portfolio Updates

Accelequant

• Founder and CEO Dr. Krishna Palem delivered a plenary talk in the Indian Institute of Sciences industry conclave.
• Three patents documented.

Ahammune Biosciences Pvt. Ltd.

• Closed USD 5 Mn Series A funding
• Japanese patent awarded

Ambee

• Signed on two very large?OTC allergy drug manufacturers globally for their?climate based demand planning and forecasting tool, ClimaChain? and are in talks with several others for use of this product.
• Ambee data was also recommended for internal use for a global clinical trial that is currently in Stage 3 by a pharma giant. Another such use case with another company is also already in the works. ?
• Launched an Influenza Like Illnesses product in the US, and have already received requests to launch this in Europe and other markets

BluJ

• Completed Prototype #1 first flght?test?
• Hydrogen fuel cell system 1st power draw completed.
• Selected under ‘Emerge 50’ by Nasscom

B2Brain ??

• The solution for Trade Shows and Events is being received well by companies in sectors?such as Manufacturing, Oil & Gas, Energy, Pharma and Healthcare. The solution &?value proposition has been refined based on feedback from customers such as Zetwerk &?Unimacts?
• Acquired two more customers that intend to use the B2Brain dossier showcasing compelling events and signals from target accounts, in advance of upcoming trade shows.
• Partnership / integration conversations initiated with three large established companies that each organise 100+ B2B events annually worldwide.

Convertcart

• Secured marquee clients including Mercedes, McLaren, Ford, and Red Bull Racing bikes.

GrowthPal

• Launching an AI driven Copilot product for buy-side in November. This is a category defining M&A target recommendation SaaS product using many market intelligence triggers to continuously guide the buyers.
• Achieved FY2023-24 revenue during the first half itself of the current FY. Raising a bridge round now to invest in the product marketing, US GTM and completing the product roadmap.

Okulo Aerospace

• Applied for Type Certification of Suvi V1, its flagship enterprise drone, positioning it?as the first fixed-wing drone in India to receive this certification. This?will enable Okulo Aerospace to commence commercialization and transition into a revenue-generating entity.
• Successfully completed pilot projects with 2 major players in real estate, a leading solar energy firm and a security company, strengthening its surveillance use case.?

ManageArtworks by Karomi Technology Private Limited

• The Enterprise Version of new MAOne offering, is in the final phase & ready to launch in the next quarter.
• 15 New Customers signed up?

KCAT ENZYMATIC PRIVATE LIMITED

• Patent Approval on AI Method to Predict Selectivity of Transaminases. It’s a major step forward in the field of biocatalysis, enabling more efficient and selective enzymatic reactions.
• Selected Among Top 5 Startups in "Bio Impact Showcase" – GreenTech Category?at Global Bio India 2024.

Lavelle Networks

• Managing the complete SD-WAN infrastructure for India’s two largest PSU banks.
• Qualified for the final round of the State Bank of India's SD-WAN bid after a stringent selection process.
• Nearing 15,000+ locations as part of the Airtel-Lavelle collaboration.

mason

• 30 new customers added during the quarter.
• The product has been updated by adding a centralized platform that integrates multiple checkout partners and services, streamlining the checkout process in a brand's store.

Mihup

• Successfully concluded its fund raise of INR 50 Cr?from ace public market investors Ashish Kacholia and Madhusudan Kela
• Custom LLM - Mihup went live with its fine tuned advanced LLM for contact centers.

Nimesa

• Started its GTM in the Australia region with a distributor.
• Onboarded 2 large fintechs in the Indian region.

Smart Ship? Hub

• Leading registrar and classification society Det Norske Veritas ( DNV) and American Bureau of Shipping integrated their platform with Smart Ship Hub with 2 live customers . DNV and ABS with joint vessel strength of more than 35000 vessels plan to expand this integrated offering to other ship
• Smart Ship Hub’s digital platform will now be integrated to Nakakita’s control systems in Japan and offered to customers as an unified experience for remote vessel management & control for safety, reliability, efficiency and significant cost savings across the fleet and operators.

SimYog Technology

• Released their?second product SEM-Scope 1.0.0 beta. SEM-Scope is a “Model-based system-level EMI/EMC Analysis Tool”. SEM-Scope is used by system integrators to analyze system-level EMC. It solves the data privacy issues between the component supplier and the OEM using a model-based approach.
• India patent on "LEARNING-BASED SURROGATE MODEL OF CONDUCTED NOISE FROM INTEGRATED CIRCUITS (ICS) UNDER DIFFERENT OPERATING CONDITIONS" was granted.

worxogo

• Partnership with Accenture and Genpact grew this quarter with both including worxogo in their GTM toolkits for enterprise transformation.
• Invited to present at Cambridge in front of 100s of CEOs from Fortune 100 companies at the HFS AI Research Symposium. Co-founder Anant spoke about how worxogo Nudge coach drives transformation in enterprises. This led to new customer conversations and potential revenue streams in the UK market..