Houston and Hyderabad-based Innovapptive, a leading connected workforce platform for asset intensive industries, announced on Wednesday that it has raised $16.3 million in a Series A funding round led by Tiger Global Management, LLC, a New York investment firm.
The funds raised will be used to fund Innovapptive’s continued global expansion and for further investment in its connected workforce platform. The new funding brings the company’s valuation to more than $65 million.
Hardhearted in Houston, Texas and Hyderabad as its Global Delivery Centre, Innovapptive was founded in early 2012, by ex-IBM senior leaders – Hari Kamineni and Sundeep Ravande. The platform digitally connects the entire industrial workforce, executives and back office to minimize plant outages and improve operational excellence.
Innovapptive’s connected workforce platform connects the industry worker, back office and company leadership to help customers minimize plant outages by reducing maintenance backlogs, improving inventory accuracy, workforce capacity and data accuracy. As a result, Innovapptive customers are growing their revenues and profitability.
“We are connecting the enterprise by providing a platform that improves real-time data collaboration and communications between the field and back office. The communications and collaboration data are captured and converted into executive insights for continuous workforce optimization,” said Sundeep Ravande, CEO and Co-founder of Innovapptive. “This additional capital will allow us to accelerate our strategy and development to transform the digital experience of the industrial worker to help increase revenues & margins for our customers.”
“Innovapptive has developed a leadership position helping industrial companies improve the productivity of their employees and their capital assets,” said Scott Shleifer, Partner at Tiger Global Management.