Ishitva raises over US$ one million in Pre-Series A led by Inflection Point Ventures
Ahmedabad-based robotic startup, Ishitva has raised a Pre-Series A round of over US$ one million led by Inflection Point Ventures. The funds raised will be utilised in growing sales and expanding the R&D team.
Ishitva uses AI, ML, IoT Industry 4.0 to build efficient solutions which help in sorting complex waste. Effective sorting of waste is currently the weakest link in creating a circular value chain. Therefore, to avoid dumping and burning of dry waste, which leads to serious environmental hazards, the company focuses on leveraging industry 4.0 tools to systematically sort out waste and assess the quality of recyclable waste.
Mitesh Shah, Co-founder, Inflection Point Ventures says, “According to MoHUA, as of January 2020, India generated 1,47,613 MT of solid waste. This is a serious situation that our country is headed to and we are seeing startups taking on this challenge to address the waste generated in the country. Ishitva’s model is particularly innovative as they are leveraging cutting-edge technology to sort out the waste which is already being generated. Sorting the waste is the first step to a meaningful recycling ecosystem. Ishitva’s business vision and our ESG goals are a seamless synergy which prompted us to invest in the company.”
Ishitva currently offers a range of solutions including SUKA (AI-powered air sorting), YUTA, (AI-powered robotic sorting) and Netra AI Vision system which help in identifying waste and smart bins. The AI-powered Netra identifies the waste, learns about its contents by capturing images, and then scans for recyclable material.
Ishitva’s AI-powered sorting solutions are already installed in commercial material recovery facilities and the company is advanced stage of talks with multiple MRF facilities as well as recyclers in the plastic value chain.
Many of waste management and plastic value chain players and veterans also participated including Kamaljyot Investments Ltd (a subsidiary of Excel Industries Ltd), Gandhi Family from GRP Ltd., AVI Global Plast Private Limited, Anup Gulati COO at Quality Maritime Provider Lda., Harinder Arya President & Div CEO – Major Capex & Pressure Control at Joulon, Sanjay Kamlani Serial Investor and Founder of Pangea3 and Mohan Ayyangar: Operations Lead – GDS EY India.
Sandip Singh, CEO, Ishitva, with 16 years of experience as venture building and private equity investment said, “We are excited that many of the waste industry stalwarts are joining early in our journey. With IPV, we now have access to a large pool of professionals and experts which is immensely useful at this stage for us.”
