Angel investment group The Chennai Angels has announced lines of investment worth Rs 6 crore in Jidoka Technologies, which is engaged in automation of visual defects and audio testing, the company said on Tuesday.
With Rs 3 crore to be invested in the initial round, a follow-on investment of Rs 3 crore has been committed for a second tranche later this year, The Chennai Angels said.
Jidoka Technologies would invest the funds to enhance their product portfolio for international markets and grow in North America and subsequently to Europe.
''Jidoka operates in a space that is of critical relevance to most companies today. The team has built a good array of technology-based product and services solutions that help achieve benchmark quality in manufacturing,'' said Venkatesh Vijayaraghavan, The Chennai Angels, Lead Investor, CEO and Director at fast moving consumer goods major CavinKare Pvt Ltd.
''We do believe that they can scale up globally as well. At The Chennai Angels, we look forward to partnering with them in this progress and help them scale greater heights,'' he said.
Co-founder and CEO of Jidoka Technologies Sekar Udayamurthy said, ''We have been approaching multiple venture capitalists over the last quarter. The Chennai Angels have been a partner in our journey of fund raising. They not only helped us position ourselves better with angel investors but are also starting to help us structure our forward-looking business plan''.
''Our sincere thanks to The Chennai Angels and its experienced leadership for their mentorship and commitment and we are excited and looking forward to the continued journey with them,'' he said.
(With inputs from PTI)