Quarterly Update Q4 FY 2024-25

Dear Readers,

India's venture capital ecosystem is showing renewed vigor as the fiscal year concludes, buoyed by a shift in US monetary policy that has improved global capital flows. This positive change is particularly evident in the Indian VC landscape, which has seen increased deal activity, especially within the emerging technology sector. Enterprise Software, Applied Sciences, and Deep-tech startups continue to demonstrate strong fundamentals. A wave of innovation is taking hold, where AI and enterprise solutions are converging to address India's unique market needs, forging globally competitive businesses. Recent successful funding rounds for mid-to-late stage companies suggest a stabilization in valuations, while early-stage investment remains steady, underpinned by the government's supportive policies, including the new "Startup India Innovation Fund" focused on deep tech and initiatives to strengthen the innovation pipeline across the country.

Looking ahead, a gradual increase in funding is anticipated as global liquidity improves and investors become more active. The government's "India Deeptech Mission" is expected to further stimulate private investment in critical technology areas through targeted support and incentives. Despite ongoing global economic uncertainties, India's strong domestic consumption narrative presents substantial opportunities for technology solutions. Ideaspring Capital remains committed to its thesis-driven investments in B2B and deep-tech companies, focusing on those with robust intellectual property and global scaling potential, leveraging India's unique strengths in talent and its expanding domestic market.

Funding Update: Tvaster Genkalp

Ideaspring Capital is proud to announce its investment of $1.25 million in Tvaster Genkalp. Based in Chennai, they have developed Episcreen™ Liver, a liquid biopsy test for the screening and surveillance for Liver Cancer [Hepatocellular Carcinoma (HCC)]. This blood-based Epigenetic Markers Panel developed by Tvaster Genkalp is first of its kind in the world.

Liver cancer is the fastest-growing cause of cancer-related death in the United States. By 2035, it is expected to be a third leading cause of cancer-related death, surpassing breast and prostate cancer. India likely sees 30,000 to 50,000 new liver cancer cases annually as of 2025, with potential increases looming due to lifestyle and demographic shifts.

The test has been developed and validated using 600+ patient samples achieving a sensitivity and specificity of 90% for the detection of HCC. The current blood test for detecting HCC, called AFP, has a sensitivity of around 60%. The test has also shown encouraging results as a Recurrence Monitoring for HCC patients who undergo treatments.

We believe that Tvaster’s diagnostic test will play a critical role in the early detection of liver cancer, thereby increasing the chances of survival as well as improving the quality of life. This test also has shown the potential to detect early stages of HCC that are not detected by current tests.

The Tvaster team is led by Srikar Raman (CEO) and Sreedurgalakshmi K (CSO).

Kailashnath MS: The new Partner at Ideaspring Capital

We are delighted to welcome Kailashnath M S as the newest Partner at Ideaspring Capital. A seasoned venture capital professional with more than a decade of experience, Kailash brings with him a rich understanding of early-stage investing, deal sourcing, and portfolio management.

Kailash holds a B.Tech in Electronics and Communication Engineering from NIT Karnataka,, and an MBA in Finance and Strategy from IIM Bangalore.

Over the years, Kailash has worked closely with multiple seed-stage startups. Most recently, he was heading the Seed investments team at Chiratae Ventures. His deep involvement has consistently moved the needle for early-stage companies, helping them scale effectively and secure follow-on capital. In addition, he has played a pivotal role in structuring and executing successful exit strategies.

His well-rounded experience across the VC lifecycle—from investment analysis to fundraising—makes him invaluable to our team at Ideaspring.

Events at Ideaspring Capital over the past quarter

Ideaspring hosted two events during the fourth quarter of fiscal year 2024-25. In February 2025, an event was held in collaboration with The Builders Club, featuring a selection of startups focused on sectors including BFSI, agentic AI, road safety, and HR Tech. Subsequently, in March 2025, an event was conducted in partnership with Headstart Karnataka , which included participation from both early-stage startup founders who are alumni of BITS and experienced investors with BITS graduate backgrounds, such as Parthasarathy N.S. , Founder of Mela Ventures, and Venk Krishnan , Founder of Nu Ventures.

In addition to hosting events, Ideaspring Capital was also in attendance at SaaBoomi Annual 2025. We were present for both the days, participated in the VC Bridge session and made meaningful connections with aspiring entrepreneurs and other ecosystem partners.

Top: A date with an investor at Ideaspring Capital Bottom: BITS Alum mixer event. Both events were held in Ideaspring Capital's office.

Portfolio Updates

Accelequant

Buy-in from a global research partner who is keen to work with Accelequant on joint research on Optimization.
Buy-in from a leading port management agency to share their logistics data with Accelequant.

Ahammune Biosciences Pvt. Ltd.

Notice of allowance received for 2nd US patent.
Shortlisted candidates for atopic dermatitis.

Ambee

Released its Wildfire Risk Forecast tool that analyzes wildfire risks upto 4 weeks in advance. It is a cutting-edge predictive model that integrates local and nonlocal factors, historical data, and geospatial intelligence to deliver highly accurate risk assessments.

BluJ Aerospace Private Limited

Publicly demonstrated their first prototype live flights at a UAM event in Delhi in Jan'2025. BluJ became the 1st Indian company to publicly demonstrate a flying eVTOL prototype aircraft.
Signed a Quadripartite agreement with BPCL, CIAL and ANERT to collaborate on Hydrogen aviation ecosystem development including Green H2 supply, Refueling & Vertiport infrastructure and Pilots with Kerala Governement.

B2Brain 🧠

Launched the B2Brain mobile app for exhibitors to capture demand and generate pipeline from visitor conversations.
Used by customers at events and shows like CES, Intersolar, ProMat, NAB and Nvidia GTC. Addressing a real gap in event/offline pipeline generation for growth stage companies.

Convertcart

Signed up Sauder—a powerhouse in the US furniture industry, producing 25% of all ready-to-assemble (RTA) furniture sold nationwide.

ClearTrust

Honored with the prestigious CISO 50 Award for "Best Ad-Fraud Security of the Year. Award was received by Raja TN on behalf of ClearTrust.
Agent91, a secure voice AI agent solution, has launched for businesses. It offers features like voice forensics, fingerprinting, and behavioral analysis, integrating with existing workflows on web and phone to potentially improve outcomes tenfold.

FlyNava Technologies

Jupiter 5.0 launched with Inaya, their agentic AI framework. Inaya will assist pricing analysts to fast track decision making with more recommendations and real time implementation along with access through Cell phones for ensuring accessibility.
Launched a new website (www.flynava.ai) promoting it’s transition to an AI startup. Jupiter is now presented as a use case-based platform with clear ROI, offering airlines flexibility to implement small, high-value use cases initially, scaling to the full platform with 22 use cases.

Gooru Learning

Gooru builds up to 9 enterprise customers and delivers increased engagement for flagship clients The Great Courses and Internshala. This success validates Gooru's N=1 personalization.
Gooru files provisional patents for its "Complex Systems Personalization" technology that provides mathematical guarantees for AI-guided learning outcomes. Gooru's mathematical foundation, protected by three provisional patents, transforms Generative AI personalized recommendations into guaranteed outcomes.

GrowthPal

Reached 400 CxOs and achieved a 28% click rate. The goal is to reach 5000+ CxOs by FY26.
Achieved 59% growth in FY25 despite a challenging year.

Gyrophint

Relocated to our new office space after departing the incubation center at IISc.
The airport POC ready deploy device is ready for deployment.

Okulo Aerospace

Secured major Indian conglomerate and expanded Tata Power work. Completed other large company projects. Progressing towards certification of India's first Enterprise UAV, advancing commercialization.
Defense UAV computational design complete; prototyping and testing underway. High-altitude field demo with Indian Army scheduled for September, anticipating initial order. Advanced variants with night flying, gimbal cameras, and VTOL developed.

Karomi Technology Private Limited

Enterprise version of new MAOne offering, is in the final phase and ready to launch in the next quarter.
Signed up 17 new customers across Pharmaceutical, FMCG, Packaging and Healthcare sectors, both in India and abroad including the USA and ROW.

KCAT ENZYMATIC PRIVATE LIMITED

Successfully developed indigenous specialty enzymes for distinct products. These have been validated both in the laboratory and at customer facilities which allows for scale up for commercial production and supply.
Signed a commercial manufacturing and enzyme supply agreement with a key customer using proprietary enzyme technology. In addition, 3 more agreements are in the pipeline which demonstrates expanded commercial operations.

Lavelle Networks

Successful deployment of the largest SD-WAN network in Asia with over 9,000 locations (single customer)
Nominated for the best SD-WAN solutions provider in CIO choice awards, 6th time in 6 years!!

Curapod

MoM growth of 25% in the last quarter.
US FDA registration completed for Curapod in Feb 2025.

mason

Added 9 new customers for the quarter.

Mihup.ai

Signed Prominent Industry leaders: This quarter witnessed Mihup's strong presence in the BFSI Domain, with onboarding leaders like HDFC Bank, IDFC Bank and Yes Securities. Mihup further forayed into other segments with onboarding Easemytrip as well.
Industry recognition: Received 29 badges for our exemplary reviews on G2. Adjudged as High Performer across 'Contact Center Quality Assurance' , 'Speech Analytics' , 'Conversation Intelligence' & 'Voice Recognition' categories.

Nimesa

Launched a revamped UI to significantly reduce errors in disaster recovery processes and enhance predictability, strengthening the company's value proposition and user experience.

Numocity

Extended partnership with Audi India for 2 more years. This partnership introduces Numocity’s eMSP roaming platform allowing Audi EV customers to access real time charger updates, Intelligent Route Planning, seamless access to multiple charge point operators and effortless charging through uniform platform.
Signed a MoU with Exicom Tele-Systems limited, a leading charger OEM in the region. This partnership will go a long way in expanding Numocity’s presence and capabilities in Global Markets.

Phyx44 Labs

A massive fire accident at BBC was a major setback as it destroyed both our labs. But we quickly rebuilt temporary lab spaces and became fully productive within 60 days of the incident, minimized time loss to less than a quarter & have finalized the site for the new lab and fermentation facility setup.
Filed a new provisional IP for 2 novel taste modulating protein candidates for application in plant based meat products for enhancing meaty flavor and fullness/mouthfeel.

DNV and Smart Ship Hub highlighted their second customer success, Norse Ship Mgmt, at Singapore Maritime Week. DNV, a leading maritime ship registry and regulatory body, uses Smart Ship Hub's platform for a joint go-to-market strategy.
Singtel and Navarino (UK) have partnered with Smart Ship Hub as resellers in Singapore and Greece, bringing over 8,000 ships into their ecosystem. Singtel and Navarino aim to integrate the Smart Ship Hub digital platform with their existing systems.

SimYog Technology

Fred Phillips has joined as Vice President of Business Development for North America! With 27+ years of experience in engineering simulation software, Fred has a stellar track record in business development, sales, and application engineering.
Released Compliance-Scope 4.8.0 with Quick What-If Analysis, an EMI/EMC testing enhancement. This feature allows users to quickly change component values and see the compliance impact. Coupled with a sensitivity map, it pinpoints critical components for fast and accurate adjustments.

worxogo

Unveiled its Agentic AI solution at Genpact's Annual Leadership Conference in March, positioning the partnership before global industry leaders.
Secured a multi-year enterprise agreement with EXL to implement its AI-driven solutions across insurance operations to drive transformation, expanding the company's footprint in financial services.

Quarterly Update Q4 2024-25