Image Source: Times Of India
Key highlights
In a big fillip to India's deeptech startup ecosystem, IIT Madras-incubated Plenome Technologies has raised Rs 6.5 crore in seed capital to take its innovative blockchain and AI-driven data management solutions to more markets across the world. The recent round of funding, led by Ovington Capital Partners and supported by a network of strategic investors, is an inflection point for Plenome as it looks to expand international footprint and further-stage technology evolution.
Company Focus and Innovation Edge
Plenome's flagship platform combines blockchain and artificial intelligence to provide secure, scalable data storage, sharing, and authentication solutions—addressing industries like finance, healthcare, and enterprise IT, where data privacy and auditability are equally critical.
The platform enables tamper-proof recordkeeping and the execution of smart contracts while using AI for data flow optimization, user verification, and anomaly detection to foster operational efficiency and trust for a broad customer base.
Use of Funds and Growth Strategy
The Rs 6.5 crore investment will be utilized for increasing Plenome's employee base, investing in R&D, and expanding its market reach outside India to Europe, Southeast Asia, and North America.
Funding will also aid in onboarding new enterprise customers, product localization, compliance enhancements, and partnership with industry leaders.
Plenome seeks to establish itself as a trusted blockchain-backed data management go-to provider in emerging digital economies, utilizing the research ecosystem of IIT Madras for long-term innovation.
Investor and Industry Reaction
Investors commended the startup's blend of technical depth and practical applicability, pointing to the speedy development in demand for AI-blockchain fusion worldwide.
The stakeholders believe that the company's focus on data sovereignty, privacy, and regulatory compliance speaks to essential contemporary needs for businesses tackling digital transformation. Plenome's funding round is not only a reiteration of IIT Madras' position as a premier incubator for disruptive technologies, but also a sign of a maturing Indian startup ecosystem that is set to impact global digital infrastructure.
Sources: Times of India, BioVoice News
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