Bangalore: Covacsis, Software Company which was incubated at IIT Bombay’s Society for Innovation and Entrepreneurship (SINE) has secured funding worth 2.5 crores from Blume Ventures, India Venture Partners and an undisclosed European VC fund reports Business-Standard.com

Covacsis was founded in 2009 by Tarun Mishra; it was later incubated at IIT Mumbai. It helps manufacturing units of companies to measure floor economics in real time and also takes an additional action of converting operational data into real time financial numbers which directly helps entrepreneurs and merchants to save time, money and improve overall efficiency.

Covacsis provides its services to various companies like Tata Chemicals, Sun Pharma, Godrej industries, Raymond Limited, Cipla, Ipca Labs, Welspun and Ruby Mills. The company also plans to cater and expand its bouquet services to companies in the sector of steel, oil and gas, FMCG segment and automobiles.

“Covacsis has developed unique and interesting technology in the shop floor intelligence space. We believe the capital investment in Covacsis can help the business scale across manufacturing and production industries in India,” said IVP Chief Navneet Gosal.

The company announced that it would be utilizing the funds to expand the company’s business in India and also internationally.