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IntelloCut automates and optimizes material ordering, buying, planning, cutting and utilisation workflows hence providing complete enterprise material management with savings worth millions of dollars to its customers.
Venture Engine, a project conceptualized by Blue Ocean Ventures and The Indian Angel Network, provides a boost to an emerging economy of Sri Lanka by promoting and supporting entrepreneurial spirit.
Prajeeth Balasubramanium, Co-Founder of Blue Ocean Ventures said: “We are proud to have managed to garner the attention of such an impressive line-up of investors. IntelloCut, an unconventional start-up is a reflection of how the entrepreneurial ecosystem in Sri Lanka has grown and evolved. The growth IntelloCut has achieved in the short span of time and the expansion it promises is worthy of appreciation.”
IntelloCut takes a step closer to their vision of becoming the “de facto technology for material management”. The win at venture engine will greatly help IntelloCut to raise the next round of investment. The exuberant CEO of IntelloCut, Manasij Ganguli shared his plans for the investment saying: “The amount raised would be used to continue expanding its global reach, accelerate product growth and innovation, invest in additional sales and marketing resources, and continue evaluating strategic collaboration opportunities.”
Intellocut was seed funded by Blume Ventures and several angel investors including Google India MD Rajan Anandan.
Intellocut was among the 14 finalists who demonstrated at the finale of the Venture Engine 2014 last week.
Having gone through a meticulous selection process the finalists were mentored through a series of workshops conducted by experienced professionals. The fine-tuned business plans were then presented to the panel of judges which included members of the Lankan Angel Network, Indian Angel Network and the sponsors.
Addressing the gathering at the Venture Engine 2014 Awards ceremony Blue Ocean Ventures Ltd. Founding General Partner and Managing Director Prajeeth Balasubramaniam stated: “With the growing number of members and investors in the last two years we have invested Rs. 200 million in 12 companies and by 2015 our plan is to increase the investments up to Rs. 400 million. The 14 companies which made it to the final is a testament of the quality of ideas and entrepreneurs and the immense potential in our entrepreneurial landscape.”
Indian Angel Network President Venugopal Sathyanarayana noted: “Within the last two years Indian Angel Network has invested in some of the companies selected through Venture Engine. I was impressed to go through the presentations done by the finalists and hope each one of them gets funded to continue their start-ups.”
A success story
Glitteray CEO Rehana Aiyne sharing her success story after taking part in Venture Engine 2013 and emerging as the 2nd runner-up explained that deciding to be an entrepreneur is the easy part but becoming an entrepreneur is hard: “I started off my online business with a Facebook page and then decided to expand the business. I had to develop a business plan and gain confidence to present a pitch to potential investors. I tried to obtain funds through banks but was not successful which led me to call investors advertising on the classifieds section but turned out to be loan sharks and scams. I then started to apply for jobs hoping to present my pitch during the job interview. I then came to know about Venture Engine last year and submitted my entry and managed to become the 2nd runner-up. Venture Engine has assisted me to take by business to the next level. This year too I submitted my entry and I am among the finalists, so if you fail this year to be the winner you can submit your business plan next year.”
Indian Angel Network President Venugopal Sathyanarayana presented participation plaques to the following finalists:
Chief Operating Officer Jeremy Huxtable presented trophies to the runners-up and winner:
2nd runner-up: Extrogene: a software solutions provider with a focus on the telco sector
1st runner-up: OMAK IT: solutions with a focus on restaurant management solutions
Winner: Intellocut: intelligent material planning and optimisation software
Pix by Lasantha Kumara
