For building an iot-based real time analytics tool for manufacturers to optimize operations on the plant floor.
After a comprehensive 14-month research conducted across large organisations in the manufacturing sector, Tarun Mishra, former COO of Mahindra Logisoft Business Solutions, realised that the sector was in dire need of increasing production efficiency and the quantum leap could be achieved only with the help of technology. He thus founded Covacsis, which provides IOT-based real time analytics to measure financial/operational performance in a plant floor.
Backed by Cisco Systems, GenNext [Reliance Industries Venture Arm], Blume Ventures and Institutional Venture Partners, Covacsis’ solution is today used by 25 amongst the top 100 manufacturing companies in India, thus resulting in a cumulative value creation of more than US $50 million.
In three years, Mishra sees the company touching Rs. 100 crore. in revenue and in a decade, touching over one billion dollars in revenue or being acquired.
Its flagship solution, Intelligent Plant Framework (IPF), helps plant managers understand the micro-economics of the production floor (its machines and equipment), draw actionable insights about performance standards and in turn improve production efficiency.