Early-stage investment firm, Venture Catalysts said it led the Seed round of funding, joined by other investors in raising $600,000 for Cloudworx Technologies Pvt. Ltd., a start-up in metaverse market.
Founded in 2019 by Yuvraj Tomar and Kaushik Bharadwaj, Cloudworx Studio is a no-code, web-based IDE that enables users to create, manage, and maintain digital twins and other 3D enterprise applications directly from their web browsers.
The start-up focuses on creating comprehensive digital replicas of ports, terminals, smart cities, R&D labs, industrial IoT, facility management, and more. Serving as a foundational elements for enterprise metaverse, Cloudworx’s digital twins enable unparalleled efficiency and insight into physical assets and environments.
The Seed round was led by Venture Catalysts and 1Crowd, with participation from existing investors SucSEED and LetsVenture, alongside new investors Provista and Agility Ventures.
Cloudworx will use this investment to accelerate growth and expand international reach in the global digital twins market.
With an $8.8 billion global market size, the digital twin market is a burgeoning sector within the broader Industrial Metaverse. MIT and Siemens have reported that the market is expected to reach a staggering $100 billion by 2030, with asset-intensive industries eagerly seeking 3D solutions that enable seamless links to revolutionise processes along the entire value chain.
“We’re exhilarated by the growth and adoption of digital twins. As AI and digital twins become pivotal in creating meaningful business solutions across various domains, this funding marks a significant milestone. We’re committed to leading this transformative wave, ensuring that by 2030, any work that can be digitised into 3D, will be,” stated Tomar.
Dr. Apoorva Ranjan Sharma, director and MD of Venture Catalysts said, “The integration of digital technologies has accelerated, and the advent of the metaverse presents new avenues for businesses to develop advanced products, upgrade to finer solutions, and achieve unmatched results with an insight-driven approach. An appealing aspect of Cloudworx was their unique business model, which is bound to set the benchmark for future startups in the emerging digital twins industry. We are excited to partner with Cloudworx on their journey to revolutionise processes across the value chain, across industries, and look forward to working with them together in building Industry 4.0.”
