Deep Tech startup Reneonix has raised ₹1.70 Crore in Pre-seed round led by Inflection Point Ventures. The round saw participation from leading institutions, angel investors, and grant bodies, including the Department of Science and Technology (Government of India), NSRCEL-IIM Bangalore, SustainTN, and ITEL Foundation. The funds will be deployed towards Research and Development with a strong focus on hardware innovation and material science to advance commercial prototypes.
Reneonix is an execution partner for brands and manufacturers, with SOP-led systems that can be replicated across cities through local material recovery and logistics partnerships. Company’s AI traceability-first framework enables unit and batch-level tracking for quality assurance and compliance. Moving into high-value glass derivatives such foam- glass, the company is unlocking stronger monetization potential. Backed by an integrated hardware, software, and operations stack, Reneonix is currently in the pre-revenue stage, focused on product development and pilot deployments.
Mitesh Shah, Co-founder, IPV says “India’s transition to a circular economy will require more than intent it will require infrastructure. Reneonix is building exactly that. Their deep-tech approach combining AI-led sorting, material science, and traceability creates measurable circular outcomes for brands and manufacturers. We believe their execution-first model positions them strongly to become a critical infrastructure layer in India’s sustainable packaging ecosystem.
Reneonix is founded by Iwan Richard, who is the Founder & CEO. It is joined by Karthik Sankar, Co-Founder & COO. Varun Pandithurai is the Co-Founder & CTO. Mohammad
Mohiyeddin is the Co-Founder & CCO. Reneonix has a leadership team with experience in operations, technology development, scaling, and partnership development. This experience is across both enterprise and startup environments. Reneonix is working towards the development of scalable circular materials infrastructure for the packaging ecosystem.
Iwan Richard, Founder & CEO, Reneonix says, “We’re building Reneonix as the Deep tech infrastructure layer for circular materials in the packaging industry, starting with glass and expanding into other hard-to-recycle streams. Our vision is to make circularity measurable and scalable through AI-led sorting, end-to-end traceability, and material science-driven value creation. Partnering with Inflection Point Ventures has helped us sharpen our execution focus and accelerate our go-to-market.”
Reneonix is backed by the Department of Science and Technology, Startup India Seed Fund Scheme, and HDFC Bank Parivartan, and has been incubated at leading innovation ecosystems including NSRCEL, IIM Bangalore, ITEL Foundation, Anna Incubator, iTNT Hub, and Crescent Innovation and Incubation Council.
The global circular packaging market was valued at approximately USD 245 billion in 2024 and is projected to reach nearly USD 352 billion by 2030. Meanwhile, the sustainable packaging market, valued at approximately USD 273 billion in 2023, is expected to grow to nearly USD 448 billion by 2030.
In India, the overall packaging industry is estimated at USD 80–100 billion for FY 2024–25. The sustainable packaging segment alone is projected to reach USD 10 billion in 2025, driven by rising regulatory mandates, ESG adoption, recycled content targets, and compliance-driven circularity. Reneonix’s deep-tech infrastructure model is likely to grow rapidly with the increasing demand for circular materials in the packaging industry of India and the rest of the world.
About Reneonix:
Reneonix, founded in 2023 and led by Iwan Richard, is a Chennai-based deep-tech company building circular materials infrastructure for the packaging industry, starting with glass. It combines AI-led sorting, end-to-end traceability, and material science to convert post-consumer waste into specification-grade circular raw materials at scale.
About IPV:
Inflection Point Ventures (IPV) is an angel investing platform with over 24,000+ CXOs, HNIs, and professionals who invest in startups. The firm supports new-age entrepreneurs with monetary and experiential capital and connects them with a diverse group of investors. IPV has launched a $50 Mn CAT 2 VC fund, Physis Capital, to invest in Pre-Series A to Series B growth-stage start-ups. The fund has already deployed capital in six startups so far, with more deals in the advanced pipeline.
