[Funding alert] Enterprise technology startup Unotech Software raises $2M in Series A round
Enterprise technology startup Unotech Software has raised $2 million in Series A round of funding from Manish Choksi, promoter of Asian Paints. The round also saw participation from Vinay Shah, a senior investment banker.
The Mumbai-based startup said that along with the funding, it will undergo a shift in its software architecture. The new approach will help Unotech to evolve into an Open Source-led IT platform and services organisation with forte in Identity Management, Business Process Automation, and Digital Transformation.
At present. Unotech works with key corporates, including leading banking and financial institutes and manufacturing companies, offering Open Source products and services. It has developed two enterprise technology products – Cymmetri, a flagship product that enables and manages organisational Unified Digital Identity, and Felicity, a business process automation platform that complements Cymmetri as its subsystem.
Commenting on the investment, Manish Choksi said,
"Building upon its strengths over the years, Unotech Software has developed and matured in its capabilities to create a robust and integrated digital environment for businesses of all sizes. Covering grounds from unified identity access management to automating processes and to assisting backend technology operations, Unotech now seems to be in a sweet spot of unprecedented growth as it increasingly enables organisations become more scalable, agile, and governance compliant."
The fresh capital will also be used to reconstruct the company’s branding and market presence.
“Unotech Software is realigning its IT products and services to adapt to its new approach of rapid development, rapid partnership and alliances, and rapid go-to-market, under the core pillars of Access, Automate, and Assist. We see the revamp of our core brand messaging and our digital presence a great fit for the new approach that we are adopting. We are looking forward to building upon our continued success to create an IT-enabled platform that encourages innovation, enables organizational and individual value, and delivers greater user experience at unprecedented speed and scale," Vikash Jha, Unotech’s CEO and CTO said.
(Edited by Megha Reddy)