intelloCut wins Venture Engine 2014, set to raise funds for its enterprise material management system
'intelloCut' is the flagship product developed by Threadsol Softwares Pvt. Ltd., a startup founded by Manasij Ganguli and Mausmi Ambastha in 2012 (read full story). intelloCut is basically an Enterprise Material Management System which saves up to 10% material cost for the apparel, footwear, car seat and upholstery manufacturing industries. The company has recently been adjudged as the winner of Venture Engine 2014.
VE is an annual event organized by Blue Ocean Ventures of Sri Lanka and Indian Angel Network. The aim of VE is to give a boost to an emerging economy of Sri Lanka by promoting and supporting entrepreneurial spirit. Blue Occean Ventures has been started by Prajeeth Balasubramanian and Rajan Anandan (how is the Sri Lankan startup ecosytem?) and they've been trying out various initiatives like the Hikka Hack competition. They've also made a few investments and funded 10 startups with a total of $1 million via Venture Engine as well.
The 2014 edition of VE doesn't involve investment but is primarily promises startups to help in raising funds by making the right connections and helping get the positioning right. intelloCut has previously raised a funding round from Rajan Anandan and Blume Ventures and has grown well over the last year. Talking about the premise of intelloCut winning the competition, Prajeeth tells us
Intellocut was an inspiring story as they have gained traction in 8 months. The company has almost got some commitments in Lanka as well. Customer traction was important for further funding. This shows the investor confidence in the entrepreneurs capability to execute.
intelloCut automates and optimizes material ordering, buying, planning, cutting and utilization workflows hence providing complete enterprise material management. This helps customers cut down on cost (sometimes to the tune of millions of dollars). The win at Venture Engine will greatly help intelloCut to raise the next round of investment. Cofoundner Manasij Ganguli says that they're looking to raise a round to continue expanding its global reach, accelerate product growth and innovation, invest in additional sales and marketing resources, and continue evaluating strategic collaboration opportunities.
Here is the list of other promising companies that presented at Venture Engine 2014:
- Glitteray: an online jewellery store which is committed in crafting and selling ethical jewellery
- Katha: a platform for creating and storing voice content
- Swimwear by Zii: catering to the conservative woman
- Butterfly Kisses: a children’s clothing and accessory brand
- Endemic: a business built around Sri Lankan fauna
- Jeevana: Sri Lanka’s only matchmaking service
- Healthy Living: a lifestyle brand with a focus on solving obesity issues
- Mihiri: Wearable Art: a collection of unique jewellery
- Zacki Skin Paste: delivering Ayurvedic skin care products
- Zigzag.lk: an online portal for local designers
- AirDrops: a socially-active premium drinking water extraction company
- Mogo: a news narrative mobile application