intelloCut Wins Venture Engine 2014
COLOMBO, Sri Lanka — July 4, 2014 — 'intelloCut' the flagship product developed by Threadsol Softwares Pvt. Ltd., has won the Venture Engine Competition in Sri Lanka.intelloCut emerged as the winner over multiple rounds of evaluation among over 100 entries from Sri Lanka and all over the world.
intelloCut is an Enterprise Material Management System which saves up to 10% material cost for the apparel, footwear, car seat and upholstery manufacturing industries. intelloCut automates and optimizes material ordering, buying, planning, cutting and utilization workflows hence providing complete enterprise material management with savings worth millions of dollars to its customers.
Venture Engine, a project conceptualized by Blue Ocean Ventures and The Indian Angel Network, provides a boost to an emerging economy of Sri Lanka by promoting and supporting entrepreneurial spirit.
Prajeeth Balasubramanium, Co-Founder of Blue Ocean Ventures adds, “We are proud to have managed to garner the attention of such an impressive lineup of investors. intelloCut, an unconventional startup is a reflection of how the entrepreneurial ecosystem in Sri Lanka has grown and evolved. The growth intelloCut has achieved in the short span of time and the expansion it promises is worthy of appreciation.”
intelloCut takes a step closer to their vision of becoming the “de facto technology for material management”. The win at venture engine will greatly help intelloCut to raise the next round of investment. The exuberant CEO of intelloCut, Manasij Ganguli shares his plans for the investment saying “The amount raised would be used to continue expanding its global reach, accelerate product growth and innovation, invest in additional sales and marketing resources, and continue evaluating strategic collaboration opportunities.”
intellocut was seed funded by Blume Ventures and several angel investors including RajanAnandan, MD of Google India.
Posted July 8, 2014