Total amount raised
$868.2 Thousands
Latest funding date
5/1/2023
Location
qZense Labs has successfully navigated six funding rounds, with its latest funding type being a grant. The company is backed by 13 investors, including the Department of Science and Technology and Dominor Investment.
Keep reading to explore the intricacies of qZense Labs' fundraising journey and the investors backing this innovative platform.
What Is qZense Labs?
qZense Labs, founded by Rubal Chib and Dr. Srishti Batra, is a Bengaluru-based startup specializing in IoT solutions for the fresh food supply chain. The company aims to enhance food quality and management through advanced IoT technologies.
Operating within the Food and Beverage, Internet of Things, and Retail Technology industries, qZense Labs employs a small team of 11-50 people. Their innovative solutions have garnered significant media attention and support from notable investors.
How Much Funding Has qZense Labs Raised?
- Grant
- Amount Raised: Not publicly disclosed
- Date: May 2023
- Lead Investors: Department of Science and Technology
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the development and deployment of IoT solutions for fresh food quality assessment and management.
- Series Unknown
- Amount Raised: Not publicly disclosed
- Date: January 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and expand their IoT solutions for the fresh food supply chain.
- Seed
- Amount Raised: Not publicly disclosed
- Date: February 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the team and accelerate marketing efforts.
- Seed
- Amount Raised: USD 613,000
- Date: December 2020
- Lead Investors: Venture Catalysts, Manish Modi, Vedant Loyalka
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate marketing efforts.
- Non-Equity Assistance
- Amount Raised: Not publicly disclosed
- Date: December 2019
- Lead Investors: JioGenNext
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the development of IoT solutions for fresh food quality assessment.
- Seed
- Amount Raised: USD 253,386
- Date: September 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and deploy IoT solutions for fresh food quality assessment.
Total Amount Raised: USD 866,386
Current Valuation: Not publicly disclosed
Key Investors
- Department of Science and Technology
- Details: The Department of Science and Technology is a government body in India that promotes science and technology activities. It has been a key investor in qZense Labs, particularly through grant funding rounds.
- Investment Focus Areas: Science and technology, research and development, innovation.
- Notable Investments: qZense Labs.
- Venture Catalysts
- Details: Venture Catalysts is India's first and largest integrated incubator and accelerator, co-founded by Dr. Apoorva Ranjan Sharma. It invests in early-stage startups and provides them with seed funding and acceleration support.
- Investment Focus Areas: Early-stage startups, technology, innovation.
- Notable Investments: qZense Labs, multiple early-stage startups across sectors.
- Manish Modi
- Details: Manish Modi is the Managing Director of Mastermind Capital. He has participated in the seed funding round for qZense Labs.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: qZense Labs.
- Vedant Loyalka
- Details: Vedant Loyalka is the Chairman of Curae Health. He has been involved in the seed funding round for qZense Labs.
- Investment Focus Areas: Healthcare, technology, innovation.
- Notable Investments: qZense Labs.
- JioGenNext
- Details: JioGenNext is a startup accelerator backed by Reliance Industries. It provides non-equity assistance to startups, helping them scale and grow.
- Investment Focus Areas: Technology, innovation, startups.
- Notable Investments: qZense Labs.
What's Next for qZense Labs?
qZense Labs is poised to capitalize on the burgeoning digital transformation in the agritech sector. With a market potential estimated at $2 billion, their IoT-based solutions for quality assessment and management of fresh produce present significant opportunities. The company plans to scale its team and accelerate marketing efforts, aiming to minimize produce loss and optimize freshness margins for food businesses and retailers.
Future fundraising appears promising, given the successful seed round and the positive outlook from investors. As qZense Labs continues to expand, additional funding rounds are likely to support their growth and technological advancements. However, challenges such as scaling operations, ensuring technology reliability, and competing in a rapidly evolving market may pose hurdles along the way.
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