Proxgy is an IoT startup that manufactures IoT hardware and smart wearables for construction industries. The company secured 3 million USD in its ongoing Series A funding round led by Indian cricketer Ajinkya Rahane. The firm’s new and existing investors including Suniel Shetty, Nikhil Kamath, Manish Patel, and Vinod Duggar also participated in this round. These IoT products and services are the company’s primary sources of revenue.
The company plans to use this fresh capital to scale its production, improve its performance capability, enhance its services, launch new products, and expand its services. The startup specializes in offering safety, productivity, and connectivity solutions. Proxgy focuses on developing its international market presence. The firm also provides smart internet-connected helmets for industrial use cases. These helmets use built-in sensors for environmental hazard monitoring while showing workers vital monitoring.
The company aims to strengthen its IoT presence and launch innovative solutions to help construction companies. This firm manufactures smart wearables, safety products, and several IoT-based solutions designed to help enhance workplace safety and efficiency for workers. The firm also offers smart camera attachments and IoT-connected secure locks. The startup aims to use this investment to expand its offerings while developing a strong presence in the global market.
Proxgy has secured over $5.47 million across multiple funding rounds since its inception, including $2.2 million raised from Nikihil Kamath, Manish Patel, and other investors during its angel funding round. This company has been representing India globally, it won the “European Product Design” Award and the “Most Innovative Product” at CET Las Vegas. Proxgy also won the “most promising startup” title at the GITEX Africa event.
The Gurugram-based startup also raised 2 million USD in its pre-series A funding round from Planify Angel Fund, LetsVenture, Mach Tech Fund, and others. Proxgy reported an 800 percent increase in its revenue in FY24. The firm also posted a Rs 50 crore order book. During the seed funding round in 2022, the firm’s post-money allotment valuation was around 12.8 million USD.
The IoT-based solutions developing firm faces competition from other platforms in the same segment such as Trimble, Powerplay, and Aconex. The investment highlights the investor’s trust in Proxgy’s market potential and business model.
Conclusion :
IoT solution offering firm, Proxgy secured 3 million USD in its ongoing series A funding round from the Indian Cricketer Ajinkya Rahane with the participation of other investors including Nikhil Kamath, Vinod Duggar, Suniel Shetty, and Manish Patel. The startup plans to use these fresh proceeds to scale its operations, introduce innovative solutions, expand its product offerings, and develop its international market presence.
This new investment will enable the firm to strengthen its IoT applications and develop a strong market presence. The development came just after the Indian startup ecosystem saw an increased trend of celebrities investing in startups. The Gurugram-based firm posted an 800 percent revenue growth in FY24 and it competes with other companies in the same market segment such as Powerplay and Fieldwire.
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