UI/UX platform CanvasFlip raises $1.2 M from Bessemer to capture international markets
Hyderabad-based prototyping and testing platform, CanvasFlip, today announced that it raised $1.2 million from Silicon Valley-based VC firm, Bessemer Venture Partners.
The funds will be used to enhance product capabilities and enable growth practices. They are also exploring international markets and will soon set up another office in California.
CanvasFlip, founded in August 2014, by two friends, Vipul Mishra and Manish Jha, is a cloud-based prototyping and usability-testing platform. The platform allows product managers, UX teams, and entrepreneurs to validate their ideas and check user experience without having to write any code manually.
The software products round table, iSPIRT, estimates that the country has the potential to build a USD 100 billion software product industry by 2025, contributing significantly to the nation’s current account.
The platform’s main aim is to solve major pain points in the UI/UX space. Vipul shared more about the problem in a previous interview with YourStory.
He said,
The most prominent issue was to find a workforce with adequate programming skills, which could collaborate between domain guys, graphic designers, and the programming team. Usually, once the graphic elements are ready, the technical team has to do the redundant programming work to animate these elements.
With CanvasFlip, users can create prototypes from designs and share it with other stakeholders to get actionable analytics on these prototypes.
The funding round of $1.2 million from Bessemer Venture Partners will be used as seed round to take this platform international and expand geographically across the globe. Their first expansion will be in Silicon Valley.
Speaking on the investment, Raghav Bahl, Vice President, BVP said:
It is no news that design is playing an increasingly important role in the success of a mobile application. CanvasFlip enables product managers to validate mobile application design, by providing rich and conclusive usage feedback from the target user segment, even before a single line of code is written. This helps product managers reduce the time taken to bring the application to market and also save on expensive development resources. Finally, this is a passionate founding team with a deep understanding of the consumer pain point and strong product development skills.
The startup has not spent much on marketing, but has been actively participating on platforms like NASSCOM 10K Startups, Startup Saturday, Hackathon, Tie Smashup, and 500 Startups, etc., to spread the word about their product.
Over the last quarter, CanvasFlip has engaged with 140 enterprises to help them with their product development cycles. Their clientele includes companies like Paytm, MakeMyTrip, and Tech Mahindra.