Cusmat, an immersive skills platform that companies use to upskill their industrial workforce, has raised $3.5 million in a Series A fundraising round. This round is 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, according to a statement.
Cusmat is the first immersive skills platform used by large enterprises. Their clientele includes companies such as ABB, Vedanta, Tata Steel Mining, DHL, DTDC, Dr. Reddy’s, Voltas, Schneider Electric, Toshiba Mitsubishi, Ultratech and many more. In addition to India, Cusmat is already active in other countries in the APAC (Asia-Pacific) and MEA (Middle East and Africa) regions.
The Cusmat platform uses its proprietary physics simulation engine (capable of mimicking industrial facilities, equipment and processes in minute detail), embedded analytics engine, IoT, AI/ML to first create realistic digital twins of industrial facilities. Cusmat’s skilling metaverse platform is more capable of instilling the hard skills needed to be mastered by the industrial workforce, which cannot be easily assimilated through pen and paper, video, or in two dimensions.
Abhinav Ayan, co-founder and CEO of Cusmat, said: “The metaverse is the ideal environment to develop muscle memory for real-world activities. The initial traction and great feedback from major corporations in India and South Asia has convinced us of the product market that is right for our skills metaverse platform.”
He added that while the technology platform is poised for widespread adoption and backed by strong corporate credentials, the company’s continued investment in product R&D and engineering will be in sync with our efforts to scale enterprise sales.
Anirban Chakravorty, co-founder and COO of Cusmat, said: “Core industries such as mining, manufacturing, pharmaceuticals and logistics typically experience high turnover, leading to discontinuity in peak productivity levels. Our goal has always been to have a positive impact on sales (revenue) and profit (profit) by improving the skill level of their operators and technicians.”
He added that across the industrial lineup of people, machines and materials, Cusmat’s highly immersive skills systems, complemented by its robust analytics stack, enable its clients to better recruit, assess and perform.
Bala Srinivasa, general manager of Arkam Ventures, said: “India’s success in becoming a global manufacturing and industrial hub depends on training and employing millions of skilled workers. Industrial workers in industries such as mining, pharma, logistics and steel operate complex and expensive machinery that directly impacts revenue and efficiency.”
Cusmat’s VR-based industrial skills software is a game changer that dramatically improves employee productivity and reduces training time from months to days. “We were impressed by the customer love for this product and also the validation of its business value.”
Poor skills have cost the global economy $6.5 trillion, of which $570 billion is attributed to India alone, according to a report by the World Economic Forum and PWC. Cusmat’s experience with industrial brands in India and some South Asian markets has shown that the “skilled through the Metaverse” workforce is about 30 percent more productive, 25 percent more efficient and 70 percent safer than their peers. The retention rate for those who are “proficient in the metaverse” is very high, hovering around 70 percent on average.
The founders of Cusmat are Abhinav Ayan and Anirban Jyoti Chakravorty, from NIT Warangal.
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