Proxgy Secures $2.2M in Fresh Funding to Boost IoT Innovations

04 October 2024

Proxgy, a Gurugram-based deep-tech startup founded by Pulkit Ahuja in 2020, has made significant strides in the realm of IoT-based workplace safety solutions. In its latest funding round, the company raised $2.2 million, led by prominent investors including Manish Patel, Nikhil Kamath, and Suniel Shetty. This new capital will fuel and boost the company’s efforts to revolutionize workplace safety, particularly for blue-collar workers, with cutting-edge products like smart wearables and IoT solutions.

Key Insights

The funds will help Proxgy cover operational expenses, working capital, and growth initiatives. Proxgy’s focus on IoT-powered solutions such as SmartHat, Sleefe, and AirHat has positioned the company as a key player in the niche market of safety innovations for industrial workspaces. The startup’s valuation has reached around ₹407 crore, further emphasizing its growing market potential.

This recent investment comes on the heels of a pre-series A round in October last year, during which Proxgy raised ₹16 crore (approximately $2 million). Key investors in that round included LetsVenture, Planify Angel Fund, and Mach Tech Fund. According to the latest filings, Manish Patel, who led the current funding round, now holds a 3.12% stake in Proxgy.