Architecture and design startup: Cloud-based architecture and interior design software startup Infurnia Technologies, on Tuesday, announced $1.2 million fundraising from a group of angel investors led by Yogesh Choudhary, Director of the handmade rug manufacturer Jaipur Rugs. The latest round brings the total capital infusion into the company to $3.7 million and is now valued at $17 million.
Infurnia Technologies has developed an all-in-one cloud-native design software for the architecture and interior design industry. The company provides CAD (Computer-Aided Design) systems with easily generatable renders, pricing quotations, virtual reality-based designs and 3D modelling.
According to the release, the architecture and interior design industry is dominated by the $50 billion market cap organisation Autodesk. The startup said it is growing by 15 per cent month-on-month and is projected to be cash-flow positive, that is more cash is coming into the business than going out, in the coming nine months by mid-2024.
Also read: Peak XV’s Surge programme launches Cohort 9 with 13 startups
Nikhil Kumar-CEO of Infurnia Technologies, said, “We are raising funds on a need basis from time to time from Angels primarily. We needed product-oriented investors who understand it takes time to create a usable and marketable product in the deep tech space we are in. We are aiming for the sky, which is being the number one player in the design technology market and we will achieve it through continuous growth and innovation.”
The company mainly caters for the Indian market and has more than 300 clients, including over 10 international clients including Livspace, Hometown, Durian, Gopalan, Purva Steaks by Puravankara, Homworks by Prominance, etc.
Also read: Drone startup UrbanMatrix raises Rs 6 crore funding led by Inflection Point Ventures
Infurnia plans to venture into the North American market with a local sales team presence in the first half of 2024. “Money is being utilized in market outreach and continued product innovation,” Nikhil added.
According to the data platform Statista, the global construction and design software industry is projected at $10.45 billion in 2023 and is expected to grow at a compound annual growth rate, between 2023 and 2028, at 2.11 per cent, to reach $11.6 billion.