Quarterly Update Q3 2024-25

Dear Reader,

Happy New Year to you and your loved ones!

Optimization is in the air!

DeepSeek has made waves in the AI landscape with its open-source LLM, signaling a pivotal shift.?

Combination of cost-effective LLMs combined with RAG, and agentic frameworks, presents ?a promising approach to solving business challenges while addressing cost and energy concerns that have hindered widespread adoption. With the reduction in inference costs, enterprises will be motivated to deploy Agentic platforms.?

At Ideaspring Capital, we are closely monitoring this evolving space and engaging with innovative entrepreneurs globally.?

We are happy to announce that we are starting to raise our 3rd fund to lead investments in early-stage science and technology startups; building global enterprise products?from?India.

Podcast: Founder-In-Focus

?? Introducing Our Podcast Series: Founder In Focus ???

At Ideaspring Capital, we’re driven by the remarkable journeys of the founders we have the privilege to support. Behind every startup lies a unique story—a vision born out of passion, innovation, and resilience.

We’re thrilled to announce the launch of our new podcast series, "Founder in Focus", where we converse with the visionary leaders of our portfolio companies to delve into their missions, challenges, and milestones.

?? What to expect:

? Behind-the-scenes stories of building impactful ventures

? Insights into their industries and growth journeys

? Lessons learned from challenges and triumphs

In our first episode, we chat with Pravin Kumar, Founder and Chief Scientific Officer at KCAT ENZYMATIC PRIVATE LIMITED where he analyzes their revolutionary enzyme engineering platform, their journey as a life sciences startup and how the platform is paving the way for breakthroughs in biotechnology and beyond!

Marketing Workshop

During our interactions with our portfolio founders, it emerged that there needs to be a greater emphasis on Marketing in order to position our portfolio companies better in their respective markets. This led to a lot of interest within our portfolio of 30+ founders and it was concluded that an internal workshop would provide a good setting to share, discuss, learn and operationalize what each company has done and can do more from a marketing standpoint. This workshop was conducted on 11th December and our startups came together to share what strategies have fueled their growth journeys.

Some of the key learning from the workshop:?

Content as a Catalyst: The power of thought leadership, using whitepapers, case studies and organic content to translate unique use cases into impactful narratives.?

The ABM Advantage:?From personalized problem statements to multi-channel outreach, Account-based marketing was a clear winner.?

The Human Touch in Marketing:?The importance of ?Trade shows and in-person engagements

Precision in Outbound & SEO:?Consistent content updates and a personalized approach to outbound marketing have driven meaningful results.

Simplifying Tech for Non-Tech Buyers: Using ROI calculators and tailored case studies to help customers realize the value of their solutions

Portfolio Updates

Accelequant

• Three innovative patent ideas, which were inline with the mainstream projects, were conceived and documented.

Ahammune Biosciences Pvt. Ltd.

• New Indian patent granted by the Indian Patent Office.?
• Protocols for Phase 2 human clinical trials have been submitted with regulatory authorities.?

Ambee

• Hired 2 international seasoned sales personnel to support growth. These strategic additions have already started delivering results, with an in-principle agreement in place to close a deal worth $150,000 with a new customer.?
• Successful deployment of Climachain, the flagship demand planning and forecasting product, with a customer.?
• Featured in Wired, one of the leading global technology publications where they discussed the Los Angeles wildfires.

BluJ Aerospace Private Limited

• Signed MoU with Hunch Mobility for purchase evaluation of BLUJ REACH AND BLUJHOP.?
• Commenced manufacturing of 2nd generation prototype meant for customer pilots starting in Q2 2025 (CY).

B2Brain ??

• B2Brain trade show intelligence now spans the entire trade show life cycle. Pre-Event Dossier, Mobile App at the venue and Post-Event CRM integration.?
• Signed up customers who used the mobile app at CES and NRF, with positive feedback and ongoing value.

Convertcart

• Launched Transactional Email Personalization, a?system to personalize Shopify order confirmation emails with cross-sell and upsell recommendations - leveraging 70-80% open rates to drive more sales.?

ClearTrust

• Hired Dan Zitofsky, VP Sales in the United States. Dan?comes with 30 years of experience in AdTech and Media Selling and is currently based out of Delaware, US.
• Internal release of Brand Safety LLM on alpha customers and data. This LLM provides an API and conversational interface for analysing domains as as well as links to assess them for adult, terrorism and other unsafe content. It has been trained on 1 Million images and uses Llama 3.2.1 Vision instruct Model.

FlyNava Technologies

• Moved to a bigger space with seating capacity of 125 people to support growth and expansion plans.?
• Launched the latest version of AI and ML powered version of Jupiter and in advanced stages of discussions with 8 airlines globally for Jupiter's adoption.

Gooru

• Closed 3 customers - TGC, Internshala and NEETPrep with a potential lifetime MRR of $1M.
• Closed additional $500K of funding from MJV.

GrowthPal Technologies

• Launched Copilot product for the buy side IT Services companies - best comprehensive data on IT Companies (900K Globally), market signals and synergies, contextual screeners. This gives best qualified recommendations for M&A.?
• Crossed 100 client mark with more than 40+ clients based in the US with storing sales and transaction pipeline.?

Gyrophint

• Got approvals from Civil Aviation Authorities for pilot trials of the instrument at the Bangalore airport.?
• Received ISO Certifications for the manufacturing of their equipment for medical applications.?

Okulo Aerospace

• Transitioned into a revenue-generating company. Successfully signed and executed their first contracts with TATA Power and exploring additional opportunities with the TATA Group. Also secured and completed a tender for Bharat Electronics Limited.?
• On the product front, the Enterprise Drone has achieved major milestones, with Type Certification now progressing to the audit stage.?

ManageArtworks by Karomi Technology Private Limited

• Enterprise version of new MAOne offering, is in the final phase and ready to launch in the next quarter with one Beta Customer already live on the new platform.?
• Signed up 8 new customers across Pharmaceutical, FMCG, Packaging and Healthcare sectors, both in India and abroad including the USA and ROW.?

KCAT ENZYMATIC PRIVATE LIMITED

• Six?of the enzymatic processes for API manufacturing have been ??????-??????-???????????????? and are now being scaled up by the customers for commercial production. These processes have successfully crossed the pilot scale production of 200L.
• Filed for 4 more Enzyme technology patents. This brings their total to 18 patent filings in 2024

Lavelle Networks

• Successful deployment of the largest SD-WAN network in Asia with over 9,000 locations (single customer)?
• Nominated for the best SD-WAN solutions provider in CIO choice awards, 6th time in 6 years!!

Litemed India Private Limited

• Strong D2C sales traction with 100% growth MoM.?
• Europe Market Opportunity: Agreement with 5% advance Curapods in year 1. Revenue is 5.5 Crore.?
• Curapod Android and iOS App release.

mason

• Added 13 new global customers during the last quarter.?
• Launched Regimen Builder Quizzes that deliver personalized recommendations at scale, boosting engagement and conversions for personal care and beauty D2C Companies.?

Mihup.ai

• Strengthening Leadership Team to ensure operational efficiency and minimize breakdowns at scale. Positions including VP Engineering, VP Product (AWA), Head of CSM and VP Product (Call Center) were appointed.
• Top searched player organically for speech analytics in the Insurance sector. Closed deals with SBI Life and Care Insurance in this quarter.?

Nimesa

• Successfully onboarded 4 new enterprise customers this quarter, showcasing strong momentum in market penetration efforts.?
• Launched a revamped UI to significantly reduce errors in disaster recovery processes and enhance predictability, strengthening the company's value proposition and user experience.?

Numocity

• Tata motors’ CurvvEV launched with iRA.ev application, powered by Numo Hub (India’s largest EV charging platform).? Numo Hub now shares 11,000 EVSEs with TATA.?
• Renewed partnership with GOEC, one of South India’s largest EV charging platforms with 200 chargers, for additional 3 years.?

Phyx44 Labs

• Ran the longest continuous fermentation batch for 11 days at 100L scale - in December 2024. Longer batches help reduce downtime between batches and can save up to 10-15% in production costs over a year.
• Onboarded 2 members for critical roles: Principal Scientist - Fermentation for scaling of operations and Finance & Accounting Executive for streamlining finance operations.?

Smart Ship? Hub

• Partnered with UK based Navarino (one of the world's largest Vessel IT companies) to promote SmartShip Hub platform in its fleet of 6,000 vessels globally. Also joined hands with Singapore Telecom to become a reseller.?
• Launched a blended model of high frequency sensor data driven "remote ship management" along with low frequency solution "quick go live" to accelerate and expand the global fleet of "Digitally Managed Vessels".?

SimYog Technology

• Distribution agreement signed with Hexagon.?By leveraging SimYog's cutting edge EMI/EMC simulation software and Hexagon's extensive sales and marketing network, the partnership enables engineers to optimize design and achieve better performance early in the design phase.?
• Hired Dr. Nikita Ambasana as Sr. Manager of Customer Success.?
• Patent granted by the Indian Patent Office for "Learning-Based Surrogate Model of Conducted Noise from Integrated Circuits (ICs) under different Operating Conditions".?

worxogo

• Significant revenue expansion with over 50% growth in revenues YoY.?
• Market penetration across Pharmaceuticals and GCC portfolio with expansion in customers in a major UK Bank and Financial Services Co. in North America.?
• Led the demo of an industry first Generative AI solution in Dec'2024 that transforms the way leadership manages their teams. Will be launched in Q1'25 by an American Fintech Player.?