In Full Blume | December 2024
Updates from the portfolio companies
2024 ends on a high for us at Blume. International recognition, funding, and media attention, you name it; our portcos have done it all. This momentum makes us really excited about what’s in store for the coming year.
Until we meet next, here’s wishing all our readers a happy holiday season and New Year!
PS- We are all pumped up for 2025!
Read on for December updates!
Funding Galore
LambdaTest Leaps into AI-Powered Testing
LambdaTest (Blume Fund III), the cloud-native software testing platform, has raised a fresh $38 million (₹315 crores) round led by Avataar Ventures, with participation from Qualcomm Ventures. The company, which serves enterprises from Microsoft to Estee Lauder, has demonstrated strong momentum in the last year, with substantial year-over-year revenue growth. It is gaining rapid traction in the enterprise segment across Fortune 500 companies, along with growing contract sizes.
The fresh capital will fuel LambdaTest's AI initiatives, particularly KaneAI - their innovative QA automation assistant that enables teams to create and manage tests using natural language, democratizing testing beyond traditional engineering teams.
The funding will also boost the development of HyperExecute, their next-generation testing cloud that dramatically speeds up test execution compared to traditional solutions.
The company stands out in the crowded testing tools market as the only cloud-native platform offering both test orchestration and execution, with the flexibility to support various testing frameworks. With an experienced leadership team from the testing and DevTools ecosystem, LambdaTest is positioned to transform how global enterprises approach software quality assurance.
Bureau Banks $30M to Combat Digital Fraud
Bureau (Blume Fund III), an AI-driven fraud prevention startup, has raised $30 million (₹249 crores) in Series B funding led by Sorenson Capital with participation of PayPal Ventures. Since its Series A, the company has tripled its revenue and currently protects over $400 million in digital commerce through its network of 600 million verified identities.
Founded in 2020 by Ranjan Reddy, Bureau has rapidly expanded its client base to include major banks like HDFC, ICICI, and IDFC, offering innovative solutions such as Money Mule detection across banking, fintech, and e-commerce sectors.
The fresh capital will fuel global expansion and enhance Bureau’s comprehensive fraud prevention suite, which combines Identity Knowledge Graph, Behavioral AI, and Device Intelligence to address the $485 billion lost in cybercrimes every year.
Pixxel’s Space Odyssey Reaches New Heights
Pixxel (Blume Fund III), a pioneering space-tech company, has secured an additional $24 million (₹200 crores) in its Series B extension round, bringing its Series B total funding to $60 Million (₹500 crores) and overall funding to an impressive $95 million (₹790 crores).
This latest investment, supported by new investors M&G Catalyst and Glade Brook Capital Partners alongside existing backers, establishes Pixxel as India's highest-funded space-tech startup and the global leader in hyperspectral imaging funding.
The fresh capital will fuel the company's ambitious plans to launch an 18-satellite hyperspectral constellation, enhance its AI-driven Earth Observation platform Aurora, and expand its satellite manufacturing capabilities, ultimately advancing its mission to create a comprehensive health monitor for our planet.
Portfolio Milestones
Ultrahuman's Winning Streak: Best Buy Debut
Wearable tech company Ultrahuman (Blume Fund III) continues its remarkable global expansion streak with its Ring AIR now available on Best Buy, the leading US electronics retailer. This announcement comes right on the heels of their recent groundbreaking entry into the Japanese market.
This milestone marks another significant achievement for the wearable tech company as it strengthens its presence in key global markets.
Pixxel's Fireflies Ready to Light Up the Skies
Pixxel is all set to ship its first Fireflies satellites, marking a significant milestone in its space journey. These advanced hyperspectral satellites will offer unprecedented 5-meter resolution imaging capabilities across 250+ spectral bands, with a 40 km swath width and 24-hour global revisit frequency.
Set to launch in 2025, this next-generation satellite constellation represents a major leap forward in Earth observation technology, promising to deliver the world's highest-resolution hyperspectral imaging data.
Euler Motors Storms into Commercial EV Market
Euler Motors (Blume Fund III) has started the first deliveries of its Storm EV series, marking its entry into the electric 4-wheeler LCV market.
The company has launched two models: Storm EV T1250 (₹8.99 Lakhs) and Storm EV LongRange 200 (₹12.99 Lakhs), featuring a robust payload capacity of 1,250 kg and ranges up to 200 km, with India’s first ADAS in the LCV segment.
With a ₹100 crore investment and initial monthly production capacity of 1,000 units, Euler is set to challenge traditional players across seven major cities, offering a compelling mix of advanced features and competitive pricing in the commercial EV space.
Atomicwork's State of AI Report Maps Enterprise IT Landscape
Atomicwork (Blume Fund IV) has released the second edition of their “State of AI in IT” report, developed in partnership with ITSM.tools and PeopleCert (the organization behind ITIL).
The comprehensive study, based on insights from over 300 IT professionals and 700 end-users of IT services, aims to help IT leaders assess their AI adoption maturity and measure ROI. This strategic report provides valuable benchmarks for organizations looking to integrate AI into their IT operations effectively.
Procol Procures a Milestone Quarter
Procol (Blume Fund III), the digital procurement platform, achieved a remarkable milestone by managing ₹34,000 Cr+ ($4 Bn+) in procurement spend in a single quarter, surpassing their combined performance of the last six years.
Kaleidofin’s Inclusive Finance Win Reflects Mission Impact
Kaleidofin (Blume Fund II) was awarded the prestigious Inclusive Finance India Award 2024 in the “Fintech for Financial Inclusion” category at the ACCESS Inclusive Finance India Summit.
The award, co-hosted by the Department of Financial Services, Ministry of Finance, recognizes Kaleidofin's innovative solutions in providing financial services to underserved segments, including nano enterprises, SMEs, and gig workers.
The jury particularly commended their user-friendly approach, credible partnerships, multi-lingual voice-enabled services, and low delivery costs in making financial services more accessible.
mooON Shines at UN Climate Summit
Agritech startup Stellapps’ (Blume Fund II) livestock management app mooON achieved global recognition as one of only four tools worldwide featured in the United Nations Climate & Clean Air Coalition (CCAC) and Technology & Economic Assessment Panel (TEAP) report.
Presented at COP29 in Azerbaijan, the report highlighted mooON’s unique position as Asia’s sole representative and the only platform globally to integrate four distinct capabilities: animal husbandry & farm management, livestock feed & nutrition, GHG emission reduction & tracking, and traceability.
GreyOrange Makes Supply Chain Award List
GreyOrange Inc. (Blume Fund I vintage) was named a 2024 Top Software & Tech Award honoree by Supply & Demand Chain Executive for their AI-driven fulfillment automation platform, GreyMatter™.
The platform's hardware-agnostic warehouse execution system stands out for its multiagent orchestration module, enabling seamless integration with various robotic solutions.
“GreyMatter dynamically orchestrates warehouse operations, maximizing productivity, speed, accuracy, and safety while fostering continuous learning across fulfillment processes,” said Akash Gupta, CEO and co-founder of GreyOrange, highlighting the platform's impact on sustainable growth.
Media Attention
The Verge Rings in Ultrahuman’s Success
In The Verge’s ‘Most Interesting Tech of 2024’ roundup, Ultrahuman’s Ring AIR earned notable recognition.
The tech publication particularly praised Ultrahuman's software capabilities, highlighting how the Indian wearable tech company’s Ring AIR stood out in the competitive smart ring category.
Vecmocon Powers Up with CNBC Spotlight
Vecmocon Technologies (Blume Fund IV), the EV intelligence company, showcased its growth trajectory on CNBC-TV18 through an interview with CBO Girish Bhambhani, highlighting their recent $10M Series A funding, led by Ecosystem Integrity Fund (EIF), with participation from Blume Ventures and British International Investment (BII).
The company plans to advance research in high-voltage systems, develop Zonal ECU-compliant architectures, enhance 5G automotive connectivity solutions, and expand its team.