AI SaaS startup Ennoventure has raised $8.9 million from Tanglin Venture Partners

In a Series A investment round headed by Tanglin Venture Partners, AI SaaS firm Ennoventure raised $8.9 million (about INR 75.10 crore), including participation from previous investors such as Fenice Investment Group.

The business intends to use the new funding to expand internationally and fortify its position in the US, UAE, and Indian markets.

Padmakumar Nair, the founder and CEO of Ennoventure, stated, "This investment will enhance our product offerings and drive our mission to provide unparalleled brand protection globally."

Padmakumar and Shalini Nair founded Ennoventure in 2018 with the goal of preventing counterfeiting by using artificial intelligence to add undetectable cryptographic signatures to their products.

FMCG, automotive, and industrial replacement parts have all benefited from its revolutionary invisible signature technology. The business asserts that it offers real-time product protection and verification to these businesses. It says it has customers including Nestle, Reckitt, and Denso.

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This investment comes at a time when companies of all kinds are depending on software suppliers to use AI to address important business issues. Because of this, SaaS companies in India are increasingly using AI to improve their offerings.

Based on the "Decoding India's SaaS Startup Ecosystem" research by Inc42, 85% of SaaS businesses in India have begun integrating AI into their software products. Consequently, over 1.5K AI-powered SaaS firms are based in India now.

More investors are coming up to support SaaS firms that are experimenting with AI, which is the main driver of this trend. By 2030, the nation's SaaS market is expected to grow from its current $14 billion to over $70 billion at a 31% compound annual growth rate.

According to investors, India has the potential to become the world's largest producer of "Applied AI." AI will be used for a wide range of tasks, including data management, resource management, automation, fraud and security, content and marketing, and client acquisition.

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