[Funding alert] Venture Catalysts invests in AR/VR based startup CUSMAT
Co-founders of CUSMAT
, a startup that builds high immersion training systems for enterprises, has raised an undisclosed amount of funding from Venture Catalysts.
The round was led by Venture Catalysts investor — Raveen Sastry of Multiply Ventures, and also saw participation from Vaibhav Domkundwar, Better Capital; Rakesh Verma, Chairman, MapMyIndia; and Pratap Atwal, Director, CIPL (coronation Mining and Infra).
Founded in 2016 by three NIT Warangal graduates — Abhinav Ayan, Anirban Jyoti Chakravorty, and Soumyaranjan Harichandan, CUSMAT leverages AR/VR/MR and AI-based technologies to skill, upskill, train and assess people in enterprises.
The company currently offers five training products, catering to more than 15 industries including logistics, electronics, manufacturing, mining, steel, cement, pharmaceutical, and healthcare.
Commenting on the investment, Abhinav Ayan, CEO, CUSMAT, said,
"Our scalable, cloud-linked, LMS Integrated platform enables enterprise of all sizes to — standardise training processes across setups, locations, plants with capabilities to track, compare and visualise skill specific workforce competency levels, and subsequently develop learning track plans for individuals, based on their current competency levels and organisational needs. We are motivated with the industry feedback and are looking to capitalise on this large opportunity with the support of our investors, advisors and partners."
Dr Apoorv Ranjan Sharma, President and Co-founder, Venture Catalysts in a statement said,
"CUSMAT is a first-of-its-kind company that is harnessing the power of XR and robotics analytics to upskill, train and assess employees for multiple daily production and high level emergency and accident scenarios. Their marquee products have already garnered significant traction and the company is well-positioned to take the lead in the market."
"Besides product innovation, we are also impressed by the technical expertise shown by the team. We are confident that CUSMAT will utilise the funding to reach new heights and carve a niche for themselves," he added.
Last month, Venture Catalysts had invested an undisclosed amount into Delhi- based Green Cure which sells herbal OTC products.