Skilling platform Cusmat has raised $3.5 million in a Series A round led by Arkam Ventures along with participation from Unitus, Better Capital, Venture Catalysts, MapMyIndia, 9 Unicorns, We Founder Circle, Mumbai Angels Network, Dholakia Ventures, Ice VC, and Legacy asset LLP.
The company plans to deploy the funds to strengthen R&D and enterprise sales, besides growing their overseas operations, and adding newer industry-specific skills, Cusmat said in a press release.
Co-founded by Abhinav Ayan and Anirban Jyoti Chakarvorty, Cusmat is an immersive skilling platform with real-world applications that has helped industries close the skills gap and improve crucial business metrics that have a positive influence on both the top and bottom lines as well as employee morale.
According to the Hyderabad-based company, its skilling metaverse has been leveraged by several large enterprises across logistics, manufacturing, mining and pharma industries to upskill their operators and technicians to achieve higher productivity, improved safety and lower cycle times.
Cusmat’s clientele includes companies such as ABB, Vedanta, Tata Steel Mining, DHL, DTDC, Mitsubishi, Ultratech, et al. It also claims that the company is already operating in other countries in the APAC and MEA regions.
During FY22, Cusmat’s operating revenue shot up to Rs 83 lakh from Rs 5 lakh in FY21. As per its annual financial statement with the RoC, its losses jumped 80.8% to Rs 1.79 crore during the last fiscal year as compared to Rs 99 lakh in FY21.