Karomi Technology, a cloud-based packaging and artwork lifecycle management platform, has raised $2 million in pre-Series A funding led by Cornerstone Venture Partners Fund (CSVP Fund). The funding round also saw the participation of existing investor Ideaspring Capital, a venture capital and private equity principal firm.
Founded by Vilva Natarajan in Chennai, Karomi Technology operates under the brandname ManageArtworks and provides end-to-end packaging artwork management solutions for organisations in highly regulated industries such as Pharmaceuticals and Consumer packaged goods (CPG).
The company offers solutions that help brands manage their packaging content, print and packaging specifications, and automate the artwork journey. ManageArtworks is currently working with more than 4,000 brands including large enterprises such as P&G, Dr Reddy’s Laboratories, Wockhardt, Dabur, Amul, JBS Group, Taylor Farms & TFE Wines, etc.
The company said it will utilise the funds to bolster its presence in the US market and expand into the Europe besides strengthening its existing presence in France. The company will also invest in research and development to build an enterprise packaging software solution, the company said in a statement.
“Packaging content, specifications and artwork management is a significant challenge for organisations of all sizes around the world. Most packaging artwork iterations are caused by inconsistent packaging data. 58 percent of artwork iterations are caused by packaging content errors even in 2022,” said Vilva Natarajan, CEO, Karomi Technology.
“Centralised packaging data management systems are the need of the hour. Intelligent solutions that help shape packaging journeys for brands are the future and we are proud to be working on many industry-first solutions. This funding will also enable us to expand deeper into the US and European markets,” he added.
Nanika Kakkar, Investment Director, CSVP Fund said, “We believe, ManageArtworks is targeting a globally relevant, and complex need for multiple stakeholders in the value chain with an intelligent and uniquely positioned offering. In this environment of ever-changing consumer behaviour, a shorter time to market is the only way to stay relevant. We truly believe in the potential of the platform and are excited to be on the growth journey with Vilva.”