Venture Catalysts, India’s first, largest and pioneering integrated incubator and accelerator platform, has invested an undisclosed amount in CUSMAT – a startup that builds high immersion training systems for enterprises moving metrics across productivity, safety and customer satisfaction. The seed funding round was led by Venture Catalysts investor – Raveen Sastry of Multiply Ventures. Co-investors Vaibhav Domkundwar, Better Capital, Rakesh Verma Chairman, MapMyIndia, Pratap Atwal, Director, CIPL (coronation Mining & Infra) also participated in the fundraise.
Founded by three NIT Warangal, 2016 graduates Abhinav Ayan (CEO), Anirban Jyoti Chakravorty (CTO) and Soumyaranjan Harichandan (Head of Product), CUSMAT leverages AR/VR/MR and AI-based technologies to skill, upskill, train and assess people in enterprises. The company currently offers 5 training products, catering to more than 15 industries including Logistics, Electronics, Manufacturing, Mining, Steel, Cement, Pharmaceutical and Healthcare, among others.
Sharing his insights, Dr Apoorv Ranjan Sharma, President and Co-founder, Venture Catalysts, 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 utilize the funding to reach new heights and carve a niche for themselves.”
Speaking on the fundraise, Abhinav Ayan, CEO, CUSMAT, added, “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 & 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 looking to capitalise on this large opportunity with the support of our investors, advisors & partners.”
“AR/VR is at an inflection point where it can be used very effectively for multiple use cases. I am very excited to partner with CUSMAT, to solve a very high impact use case in making training accessible, fun and efficient for many industry verticals” said Raveen Sastry of Multiply Ventures, a seasoned entrepreneur turned angel investor.