Backed by Prolific Investors, Ripik AI Grows to Newer GeographiesSeptember 15, 2022
Ripik is an enterprise AI startup building software for manufacturing process industries that reduces costs, improves productivity, and drives sustainability, and transforms how people are operating factories today.
The founding team has deep expertise and several years of experience in driving AI transformation in manufacturing. Ripik’s technology team comprises top rankers and coders with backgrounds from the IITs, MIT, Google, and others.
Its unique and proprietary products leveraging next-gen technologies such as computer vision, and artificial intelligence-led algorithmic allocation of resources amongst others accrue significant EBITDA jumps for manufacturing or industrial companies within a few months of deployment. Currently, it has filed more than 9 patents, copyrights, and trademarks.
Its products are deployed today in more than ten companies in India including flagship companies from Aditya Birla Group, Godrej and Boyce, Vedanta group, and others.
Pinak Dattaray, the founder and CEO of Ripik.ai says, “I am a third-generation manufacturing engineer, brought up in a family of engineers. I could not fathom how digital and new tech adoption in large-scale industrial operations has shown a noticeable lag when compared to the consumer space. It is my core passion to transform processes used in industrial operations and make the lives easier for the millions of hard-working engineers and factory operators who work relentlessly to deliver the goods.”
It recently completed its pre-series a round from leading venture capital funds, Accel and Venture Highway. It was backed by Titan Capital, Force Ventures, and an unparalleled pantheon of angels, including 14 unicorn founders and 9 McKinsey senior partners. It was also one of the few Indian start-ups chosen for Y Combinator’s Summer 22 cohort.
Samir Sood, Founder, and Chief Believer, Venture Highway says, “The manufacturing process industry is a multi-trillion dollar market globally, with over $20 Billion in digitization spends. During our discussions with Ripik’s potential customers, we learned that the wave of digitization in these companies is moving from sales to procurement to distribution and now to shop floor optimization. As rich data from sensors and IoT devices at these manufacturing plants enters the cloud, it has become possible to build large and scalable models. We were impressed by the teams’ prior experience in this space and the unique insights they bring to the table. Ripik’s customers could see the benefit in improved yields and reduction in production costs. We saw this as an enormous market opportunity and potential for growth, and Venture Highway was were keen to invest in Pinak’s vision and disruptive approach to building the company.”
Barath Shankar Subramanian, Partner from Accel mentions, “Manufacturing is a huge space, but relatively untouched by AI-ML. Hardly anyone is today making decision science tools for the plant manager who is the decision-maker. Ripik is uniquely positioned to capture this opportunity on the verge of taking off globally. We at Accel, believe in Pinak’s mission and the technical competency of his team to build cutting-edge AI tools for companies both in India and abroad.”
Karthik, Founder of Force Ventures adds, “We at Force Ventures are delighted to partner Pinak and team as they build a category defining and capital efficient deeptech startup, with a global markets focus from day 1.”
After having successfully planted its roots in India, Ripik now shifts its focus to the global market, notably the US and is looking to partner with leading manufacturing companies as the next steps toward their global growth.
For more info, please visit: https://ripik.ai/