Cusmat, an immersive skilling and training platform for industries moving metrics across productivity, safety and customer satisfaction, has recently announced that it has raised $3.5 million (around Rs 28.9 crore) as a part of its Series A round led by Arkam Ventures. The funding round was also joined by Unitus, Better Capital, Venture Catalysts, MapMyIndia, 9 Unicorns, We Founder Circle, Mumbai Angels Network, Dholakia Ventures, Ice VC, and Legacy asset LLP.
With the fresh capital, the Bengaluru-based startup plans to work towards research & development, expand geographically, and scale up its enterprise sales.
Co-founded in 2016 by Abhinav Ayan and Anirban Jyoti Chakravorty, Cusmat enables organizations to onboard, assess, train, upskill, and plan employee learning tracks to maximize retention rates on-the-job performance by using its AR/VR, cloud-based learning management system. It emphasizes improving the training of the workforce that deals with machines. The platform does this with the help of innovative, immersive learning technology to empower the company’s Human Resources.
Sharing about the platform, Co-founder & CEO of Cusmat, Abhinav Ayan, said:
The metaverse is the ideal environment to develop muscle memory for real-world activities. The initial traction and great feedback from large enterprises in India and South Asia have convinced us of the product market fit for our skilling metaverse platform. While the technology platform is ready for wide-scale adoption and is backed by strong large enterprise references, our continued investment in product research and development (R&D) and engineering will work in sync with our efforts in scaling up enterprise sales.
The startup leverages its proprietary physics simulation engine (capable of recreating Industrial facilities, equipment, and processes to a degree of detail), embedded analytics engine, IoT and AI/ML first to assess and then up-skill on realistic digital twins of industrial facilities. Its skilling metaverse platform does a better job of instilling the hard skills that are needed to be mastered by the industrial workforce, which cannot be easily assimilated through a pen and paper, video, or in two dimensions.
Commenting on the fundraising, the Managing Director of Arkam Ventures said:
Industrial workers in sectors like mining, pharma, logistics, and steel operate complex and high-cost machinery that directly impacts top line and efficiency. Cusmat’s VR-based industrial skilling software improves worker productivity and reduces training time.
Cusmat believes integrating a skilled workforce operating in sync with advanced technology boosts productivity. The brand collaborates with ones to identify the problem areas and provides hassle-free and efficient solutions for both the employee and the company. It claims to have partnered with Vedanta, Tata Steel Mining, DTDC, Dr Reddy’s, Voltas, Schneider Electric, Toshiba Mitsubishi and Ultratech, among others. Currently, the firm operates in India, Asia Pacific, and the Middle East.
In 2021, Cusmat had raised $100,000 in its pre-Series A round led by We Founder Circle. Other esteemed investors, including Venture Catalyst, Better Inc., and MapmyIndia, also participated in this round.