AI SaaS startup Ennoventure has raised $8.9 Mn (around INR 75.10 Cr) in a Series A funding round led by Tanglin Venture Partners, along with participation from existing investors, including Fenice Investment Group among others.
The startup plans to deploy the fresh proceeds to scale its operations globally and strengthen its footprint in the US, UAE and Indian markets.
“This investment will enhance our product offerings and drive our mission to provide unparalleled brand protection globally,” Ennoventure’s founder and CEO Padmakumar Nair said.
Founded in 2018 by Padmakumar and Shalini Nair, Ennoventure leverages artificial intelligence to add invisible cryptographic signatures on company’s product to curb counterfeiting.
Its patented invisible signature technology has fetched its clients across FMCG, automotive and industrial spare parts. The company claims that it provides such companies with real-time product authentication and protection. It claims to count the likes of Nestle, Reckitt, Denso as its clients.
The investment comes at a time when businesses across the spectrum are relying on software providers who are leveraging AI to solve critical business problems. This has led to an increased prevalence of SaaS providers in India embracing AI to enhance their products.
85% SaaS startups in India have started enhancing their software offerings with AI. As a result, India today is the home to more than 1.5K AI-powered SaaS startups.
At the heart of this development, more investors are lining up to back such SaaS startups experimenting with AI. The SaaS opportunity in the country is estimated to surpass the $70 Bn mark by 2030, up from the current $14 Bn at a CAGR of 31%.
Investors believe that India is poised to be the world’s largest builder of ‘Applied AI’ The applications of AI are set to vary from functions such as customer acquisition, content and marketing, resource management, automation, fraud and security, data management.
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