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US-based AI hardware startup, which is known by the name as ThinCl which is having it presence with offices in the UK and Hyderabad, India, has raised ₹468 crores which is around $65 million in US dollars in series C funding. The round was led by some of the existing investor and Japanese automotive component giant Denso and its subsidiary NSITEXE Inc, and Singapore-based Temasek Holdings.
Fresh funds will be used to double its employee headcount in India from 150 to 300. It is looking to hire talent across engineering and customer operations groups.
ThinCi was founded by Dinakar Munagala, along with other co-founders in 2010. The startup provides a hardware computing platform to offer AI-based solutions to its clients across various domains including social media, smart city, augmented reality, smart homes, and intelligent automobiles.
Talking about the investment and Indian market, Dinakar Munagala, Founder and CEO, ThinCI, said, “We are thrilled by the financial commitment from such major investment funds and automotive and industrial giants. This has also contributed to the nurturing of a huge pool of talent in India. With such a positive and expansive ecosystem in the making, India proves to be a prime market to expand and explore.”
The startup is actively hiring from premium Indian engineering institutions and is also visiting top business schools for recruitment this year. Across hardware and software, the company is looking to hire candidates and professionals with the ability to build efficient and scalable AI technology systems.
ThinCI last raised an undisclosed amount of funds in a round led by Denso, along with participation from Magna International in October 2016.
Other startups leveraging artificial intelligence technology include Bengaluru and San Diego-based Netradyne, AI and SaaS-based platform Active.ai, FORMCEPT, Tricog Health Services, and Mad Street Den, among many others.
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