AI SaaS Startup Ennoventure Bags $8.9 Mn From Tanglin Venture Partners

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SUMMARY

The startup plans to deploy the fresh proceeds to scale its operations globally and strengthen its footprint in the US, UAE and Indian markets

Founded in 2018 by Padmakumar Nair and Shalini Nair, Ennoventure leverages AI to add invisible cryptographic signatures on company’s product to curb counterfeiting

According to Inc42’s “Decoding India’s SaaS Startup Ecosystem” report, 85% SaaS startups in India have started enhancing their software offerings with AI

AI SaaS startup Ennoventure has raised $8.9 Mn (around INR 75.10 Cr) in a Series A funding round led by Tanglin Venture Partners, along with participation from existing investors, including Fenice Investment Group among others. 

The startup plans to deploy the fresh proceeds to scale its operations globally and strengthen its footprint in the US, UAE and Indian markets.

“This investment will enhance our product offerings and drive our mission to provide unparalleled brand protection globally,” Ennoventure’s founder and CEO Padmakumar Nair said.

Founded in 2018 by Padmakumar and Shalini Nair, Ennoventure leverages artificial intelligence to add invisible cryptographic signatures on company’s product to curb counterfeiting. 

Its patented invisible signature technology has fetched its clients across FMCG, automotive and industrial spare parts. The company claims that it provides such companies with real-time product authentication and protection. It claims to count the likes of Nestle, Reckitt, Denso as its clients.

The investment comes at a time when businesses across the spectrum are relying on software providers who are leveraging AI to solve critical business problems. This has led to an increased prevalence of SaaS providers in India embracing AI to enhance their products.

According to Inc42’s “Decoding India’s SaaS Startup Ecosystem” report, 85% SaaS startups in India have started enhancing their software offerings with AI. As a result, India today is the home to more than 1.5K AI-powered SaaS startups.

At the heart of this development, more investors are lining up to back such SaaS startups experimenting with AI. The SaaS opportunity in the country is estimated to surpass the $70 Bn mark by 2030, up from the current $14 Bn at a CAGR of 31%. 

Investors believe that India is poised to be the world’s largest builder of ‘Applied AI’ The applications of AI are set to vary from functions such as customer acquisition, content and marketing, resource management, automation, fraud and security, data management.





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AI SaaS Startup Ennoventure Bags $8.9 Mn From Tanglin Venture Partners


SUMMARY

The startup plans to deploy the fresh proceeds to scale its operations globally and strengthen its footprint in the US, UAE and Indian markets

Founded in 2018 by Padmakumar Nair and Shalini Nair, Ennoventure leverages AI to add invisible cryptographic signatures on company’s product to curb counterfeiting

According to Inc42’s “Decoding India’s SaaS Startup Ecosystem” report, 85% SaaS startups in India have started enhancing their software offerings with AI

AI SaaS startup Ennoventure has raised $8.9 Mn (around INR 75.10 Cr) in a Series A funding round led by Tanglin Venture Partners, along with participation from existing investors, including Fenice Investment Group among others. 

The startup plans to deploy the fresh proceeds to scale its operations globally and strengthen its footprint in the US, UAE and Indian markets.

“This investment will enhance our product offerings and drive our mission to provide unparalleled brand protection globally,” Ennoventure’s founder and CEO Padmakumar Nair said.

Founded in 2018 by Padmakumar and Shalini Nair, Ennoventure leverages artificial intelligence to add invisible cryptographic signatures on company’s product to curb counterfeiting. 

Its patented invisible signature technology has fetched its clients across FMCG, automotive and industrial spare parts. The company claims that it provides such companies with real-time product authentication and protection. It claims to count the likes of Nestle, Reckitt, Denso as its clients.

The investment comes at a time when businesses across the spectrum are relying on software providers who are leveraging AI to solve critical business problems. This has led to an increased prevalence of SaaS providers in India embracing AI to enhance their products.

According to Inc42’s “Decoding India’s SaaS Startup Ecosystem” report, 85% SaaS startups in India have started enhancing their software offerings with AI. As a result, India today is the home to more than 1.5K AI-powered SaaS startups.

At the heart of this development, more investors are lining up to back such SaaS startups experimenting with AI. The SaaS opportunity in the country is estimated to surpass the $70 Bn mark by 2030, up from the current $14 Bn at a CAGR of 31%. 

Investors believe that India is poised to be the world’s largest builder of ‘Applied AI’ The applications of AI are set to vary from functions such as customer acquisition, content and marketing, resource management, automation, fraud and security, data management.





Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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