Companies operating in the manufacturing space grapple with challenges like asset management, operational efficiency, and risk mitigation. It gets even more cumbersome when they have to manage multiple assets across geographies. Even as there are quite a few digital tools that can help track and manage these things, a more intricate monitoring with better visualization can significantly change the experience, and ultimately productivity.
Delhi-based Twyn addresses this gap with its digitization platform. Founded in 2021 by Avi Dahiya, Twyn essentially helps create high-fidelity digital replicas of manufacturing sites, akin to what could be an industrial metaverse.
The objective is to help large companies better visualize and control their assets. It creates virtual replicas of physical factories that provide real-time data and insights to users from anywhere in the world. This data enables faster and more efficient decision-making, and the platform helps users deploy safe solutions in the actual factory.
Twyn aims to help CTOs get a comprehensive view of their manufacturing operations, simplifying logistics and improving maintenance and upgrade processes. The platform also provides an analytical framework that facilitates informed decision-making, resulting in a significant reduction in the time required for process completion.
Dahiya told Entrackr that the company already owns five unique patents and has filed applications for six more. Twyn is currently focussing on Fortune 500 companies and has clients like Schneider, HP, and Samsung. Overall, the company has 20 regular paying clients.
“The entire industry has come to a consensus that if you need to survive in the manufacturing world, digital manufacturing is the future, and digital manufacturing is the way to go,” Dahiya said.
The startup has raised Rs 17.5 crore in external funding from investors like JITO and Agility Ventures. Twyn pegs its valuation at Rs 162 crore (pre-money). Dahiya further disclosed that the company is in the advanced stage of talks to raise more money, which is likely to be a double-digit million number.
On the long-term roadmap, the founder said that startups in such deep-tech focused space generally utilize funding to build cutting edge enterprise technologies, and eventually get acquired by large firms with similar interests. He also cited the examples of Siri ( acquired by Apple), ChatGPT (acquired by Microsoft), and Boston Dynamics (acquired by Google).
Twyn is also looking to acquire a firm, which is likely to bolster the former’s capabilities. Following the acquisition, Twyn plans to team up with a global giant so that the products and services could be deployed to each and every continent and factory with the help of their network and global presence. The company will soon expand its operations into the Middle East as well as set up a physical presence in the region.
Dahiya said there are no direct competitors in India but global firms that have similar aspirations are Siemens, Rockwell Automation, and National Instruments.