Venture Catalysts, India’s first integrated incubator and a leading investor for early-stage startups, announced that it has led the seed round of funding for XYMA Analytics, a deep-tech startup that leverages its patented waveguide-based technologies to measure critical industrial parameters.
The business wants to democratise the use of sensor-based processes in many industries and offer solutions for concurrent and dispersed sensing across the entire facility for innovative data-driven decision-making.
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On securing the funds, Dr. Nishanth Raja, CEO & Co-founder, XYMA Analytics said, “We plan to utilize this investment to upgrade our capabilities for the global market and scale our deployments. Also, we plan to strengthen our arms in AI & IoT to leverage our technology’s potential in the Industry 4.0 adoption.”
The Global Temperature Sensor market is projected to grow up to $18 billion by 2025, of which, high temperature sensors constitute a third ($6 billion). There has been global adoption of new sensor technologies, owing to the increase in adoption of IoT technologies along with the rapid expansion of Industry 4.0. According to estimates by McKinsey, the value created from industrial IoT will reach $1.2 trillion and $3.7 trillion by 2025.
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Speaking about leading the seed round of funding, Dr. Apoorva Ranjan Sharma, Founder, Venture Catalysts said, “As we inch closer to a new global revolution in industrialisation, the need for innovation and entrepreneurship makes itself more and more evident. We are excited to become a part of XYMA’s journey and look forward to leveraging our resources and networks to help the startup grow and reach new heights.”
Founded in 2019, XYMA Analytics provides new ultrasonic sensors and industrial IoT solutions to high-temperature industries like refineries, power plants, and manufacturing. Continuous monitoring in high-temperature process units has a huge footprint, sensor drifts, and hot junction failure. XYMA sensors can monitor multi-point temperature and parameters in harsh situations. R&D, patents, publications, and copyrights support their technologies. Their sensors last five times longer than current ones. IIT Madras’ Incubation Cell birthed XYMA Analytics.
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The startup was incepted by scientists and entrepreneurs Dr. Nishanth Raja (CEO & Co-founder), Mr. Aswin Kumar Kathirvel (CTO & Co-founder) , Prof. Krishnan Balasubramanian (Co-founder) and Prof. Prabhu Rajagopal (Co-founder), professors and researchers from IIT Madras.
The seed round of funding for XYMA Analytics included participation from Chirag Gupta (8X Ventures),Vish Sahasranamam (Forge Innovation and Ventures), GAIL India Limited, and other angel investors.
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About Venture Catalysts
Venture Catalysts is India’s 1st integrated incubator for startups. It combines capital, mentoring and network for startups and has a presence in 47 cities across India with international presence in UAE, HK, UK, USA, Canada and Singapore. Venture Catalysts invests in the range of INR 2 – 15 crores per startup through a network of HNIs, Family Office.
About XYMA Analytics
For high-temperature applications, XYMA Analytics manufactures distinctive ultrasonic waveguide-based sensors to meet the urgent needs of businesses. To improve industrial automation, their sensors are enhanced with industrial IoT and physics-based soft sensing.
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