Total amount raised
$868.2 Thousands
Latest funding date
5/1/2023
Location
qZense Labs has successfully raised funding through multiple rounds, including a recent grant from the Department of Science and Technology. The company specializes in IoT-based automation and analytics solutions aimed at optimizing food supply chain operations.
Keep reading to explore the intricacies of qZense Labs' fundraising journey and the investors backing this innovative platform.
What Is qZense Labs?
Founded in 2019, qZense Labs is based in Bengaluru, Karnataka, India. The company was established by Rubal Chib and Srishti Batra.
qZense Labs specializes in developing IoT-based automation and analytics solutions aimed at optimizing food supply chain operations. Their technology helps minimize food loss due to spoilage, ripeness, sweetness, and shelf life.
With a team of 11-50 employees, qZense Labs is dedicated to transforming the fresh food supply chain using data-driven solutions.
How Much Funding Has qZense Labs Raised?
- Funding Round on Sep 14, 2019
- Amount Raised: $253.4K
- Date: September 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their IoT-based solutions for fresh food quality assessment.
- Funding Round on Dec 20, 2019
- Amount Raised: Undisclosed
- Date: December 2019
- Lead Investors: JioGenNext
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To gain non-equity assistance for scaling their operations.
- Funding Round on Dec 30, 2020
- Amount Raised: ₹45M
- Date: December 2020
- Lead Investors: Manish Modi, Vedant Loyalka, Venture Catalysts
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate marketing efforts.
- Funding Round on Feb 8, 2021
- Amount Raised: Undisclosed
- Date: February 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their technology and expand market reach.
- Funding Round on Jan 1, 2023
- Amount Raised: Undisclosed
- Date: January 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing research and development efforts.
- Funding Round on May 17, 2023
- Amount Raised: Undisclosed
- 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 expansion of their IoT solutions.
Total Amount Raised: $253.4K + ₹45M + undisclosed amounts
Current Valuation: Not publicly disclosed
Key Investors
- Department of Science and Technology
- Details: A governmental organization in India focused on promoting science and technology. It provides funding and support for research and development projects across various scientific fields.
- Investment Focus Areas: Scientific research, technological advancements, innovation.
- Notable Investments: qZense Labs.
- Venture Catalysts
- Details: A leading early-stage investment firm in India, co-founded by Dr. Apoorva Ranjan Sharma. It provides incubation, acceleration, and funding support to startups.
- Investment Focus Areas: Early-stage startups, technology, agritech.
- Notable Investments: Beardo, Fynd, Supr Daily.
- Manish Modi
- Details: Managing Director at Mastermind Capital, an investment firm. He has a background in finance and investment management.
- Investment Focus Areas: Diverse sectors through Mastermind Capital.
- Notable Investments: qZense Labs.
- Vedant Loyalka
- Details: Chairman of Curae Health, a healthcare-focused organization. He has extensive experience in the healthcare sector.
- Investment Focus Areas: Healthcare, medical technology, health services.
- Notable Investments: qZense Labs.
- 9Unicorns
- Details: An accelerator venture capital firm associated with Venture Catalysts. It focuses on providing seed funding and acceleration support to early-stage startups.
- Investment Focus Areas: Idea-stage startups, technology, scalable business models.
- Notable Investments: qZense Labs, Beardo, Fynd.
What's Next for qZense Labs?
qZense Labs stands at the cusp of a significant opportunity in the agritech sector, particularly in quality management and minimizing wastage of fresh produce. With a market potential worth $2 billion, their IoT-based solutions can revolutionize the way fresh produce is assessed and managed, offering real-time insights and non-destructive grading.
As they scale their operations, future fundraising rounds seem likely, especially given the successful seed investment and the involvement of multiple investors. However, challenges such as scaling the team, ensuring technology adoption, and competing in a rapidly evolving market will need to be navigated carefully.
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