PE-VC Fund Investments
Automation products maker CIMCON raises Rs.52-Cr led by Niveshaay
Ahmedabad-based CIMCON Software has raised INR 52 crore in a round led by Niveshaay. The round also saw participation from Vivek Jain, Managing Director at Action Tesa and GrowthSphere; Saket Agarwal, former Director at Apollo Pipes and Apollo Tricoat; Ayush Mittal, Co-founder of Screener.in and others.Founded in 1988 by Anil Agrawal and Sanjay Agarwal, CIMCON provides integrated hardware and software solutions for smart water, lighting, and oil and gas infrastructure. The company designs and manufactures electronic devices used in industrial systems that collect data from sensors and send it to a central system and develops Supervisory Control and Data Acquisition (SCADA) software to enable data-driven operations.The new funds will be used to strengthen its working capital base, provide support for large operations and maintenance (O&M) contracts, and expand its capacity in utility automation and digital infrastructure. The firm also plans to use a portion of the funds to enhance its manufacturing capabilities and scale delivery operations across India and global markets.
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