SwitchOn has raised $8 million in Pre-Series B funding, approximately ₹78 crore. The funding round was led by IvyCap Ventures, with participation from partners SIG Tattva and Trifecta Capital. The funding is aimed at expanding the company's AI inspection R&D globally.
SwitchOn is developing the DeepInspect platform, which is used for quality inspections in factory quality departments. DeepInspect has over 99% detection accuracy. Unilever, Bosch, Maruti Suzuki, and ALPA are its major clients. The company claims to have expanded to 10 countries.
“DeepInspect now runs on 170+ production lines, in 60+ factories, across 4 continents. Our Fortune 500 customers keep expanding - net revenue retention is the only metric that really tells us what works on the floor.
To the Switchon Inc. team: the engineers who debug at 2 am when a line goes down, the folks who've spent more time in factories than offices - you built this. Not us,” said Aniruddha Banerjee.
SwitchOn raised $1.1 million in a 2021 seed round led by Stellaris Venture Partners, Entrepreneur First, and other investors.
In 2023, it secured $4.2 million in a Series A funding round led by Stellaris Venture Partners and Athera Venture Partners. To date, the company has raised a total of $13.3 million in equity funding, approximately ₹115 crore.
