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YNOS Venture Engine, a start-up co-founded by Thillai Rajan, Professor, Department of Management Studies, IIT-Madras, and incubated at the IITM Incubation Cell, has raised about ₹75 lakh from a few angel investors, in the first round of external funding.
The investors include Mahesh Ramachandran, Partner, Pontaq, a cross-border fund, who has invested in his individual capacity, and a group of undisclosed investors. The IITM Incubation Cell invested as part of its Seed Funding Support Scheme. The founder promoters also participated in this round to signal their commitment to the venture.
The money will be used to meet planned investments in technology and for strengthening product development, according to a press release.
The YNOS technology platform provides a comprehensive set of solutions to address some of the major challenges faced by early-stage entrepreneurs and innovators. These help the entrepreneurs identify potential investors, understand the start-up landscape, estimate the valuation of their venture, and get access to top quality scientific and technology expertise.
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