Intangles Lab, an IoT startup which operates in the automotive space raised $10 million in Series A from Baring Private Equity Partners India.
Intangles has created deeptech solutions that enable fleet operators to monitor, benchmark, and perform predictive maintenance on their vehicles, allowing them to improve overall uptime and profitability. According to a statement, the startup will use the new funds to expand its global presence, accelerate hiring to strengthen its product engineering, sales, and delivery teams, and serve its new customer pipeline.Intangles claims to be one of the few global players with a full stack presence that includes in-house developed patented algorithms, advanced hardware devices, and a cloud-based data analytics platform. As per a report, the global digital twin market was valued at $11.1 billion in 2022 and is expected to clock a CAGR of 37.5% from 2023 to 2030.