Pakistan-based Inventhub raises another Pre-SEED round to transport Pakistan into the age of deep-Tech only 2 years into its conception
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The Pakistani secure web-based collaboration platform Inventhub, open for electronics product development, has closed a pre-seed funding round led by existing investor Fatima Gobi Ventures. The pre-seed also saw participation from new investors including Ahmed Habib of Venture.d, Shehryar Hydri of Deosai Ventures, Yasser Bashir of Arbisoft, and Abbas Yousafzai of ConradLabs. Existing investors who returned for this round to back the company include Shoaib Zahid, Kashif Shakoor, and Anees Khawaja of Walled City Co, Tim Draper of Draper University Ventures, Taimur Rashid of Redis Labs, and Tayyab Malik from UBS Hong Kong.
Founded in 2019 by hardware product designer Usama Abid and software engineer Usman Maqsood, Inventhub aims to democratize the process of electronics product design, resulting in better product quality and faster time to market. Inventhub users begin by importing their electronics design files from various sources to the cloud. Stakeholders are then added to the platform for collaboration, allowing for a seamless exchange of data via various tools such as visualization, annotation, versioning, real-time updates, releases, bill of materials, and partner spaces. The platform enables designers, engineers, manufacturers, procurement, suppliers, and distributors to coordinate their work.
As most recently recorded in our Startup Funding- 2022 Emerging Venture Markets Free Report, available for free download, the Pakistani VC ecosystem was a rising star over the past year. Observing more than 340% YoY growth in capital deployed across industries, Pakistan-based startups closed 56% more deals in 2021 than in full-year 2020, signaling a healthy and boosted startup dynamic. Investor interest was also at an all-time high last year as recorded in our Pakistan 2022 Venture Investment Report, where the number of investors backing Pakistan-based startups grew by more than 200% YoY, the larger portion of which were international. Namely, investors like Zayn Capital, Fatima Gobi Ventures, Global Founders Capital, Sarmayacar, and 92 Ventures took the lead in driving the exceptional growth of Pakistan’s VC investment in the past year.
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Inventhub’s newest round is the sign that Pakistan’s startup ecosystem has progressed at an accelerated pace, that startups in the advanced to deep tech spaces are gaining funding momentum. Usama Abid, Co-founder, and CEO of Inventhub commented, “The electronics industry is made up of fragmented and siloed processes, making it difficult for individuals and smaller startups to develop new products. The explosion of digital products has also led to a new level of personalization and customization. Managing the necessary steps - from components procurement and design to manufacturing, assembly, and distribution - is time-consuming and complex. “Inventhub is here to change the game for developers: providing a remote-based collaboration of electronics design resources, improving productivity as well as streamlining data organization and shareability. Now, multiple designers, developers, and project owners can work cohesively across different project components including bills of material and partner resources,” he added.
With Inventhub’s advanced development tools, the platform serves as a catch-all design database for hardware design resources built and backed by a community. Inventhub aims to serve as the largest design database and hardware resource search engine of community-backed material. Usman Maqsood, Co-founder and CTO of Inventhub, said, “With an acceleration in remote work, processes have evolved to allow for a new wave of change on how we collaborate. This funding for Inventhub will be used to fill the gap from proof of concept to production within the electronic design industry.”
Inventhub’s version control with access management in the platform has made it integratable with existing ecad tooling. Inventhub has seen massive active user growth with over 45 minutes of usage time per session every week and commercial validation from a growing paid customer base. Through this latest investment, the current focus is to ramp up marketing efforts to build community and work with B2B customers to improve the platform. Ali Mukhtar, General Partner for FGV, concluded, “Typically, a startup ecosystem takes five to 10 years to draw investments in more sophisticated tech solutions. Just two years in, this funding round by Inventhub is a sign that Pakistan is far ahead of that curve, thanks to the country’s massive tech talent. FGV’s backing of Inventhub is, we hope, the first of many investments in Pakistan’s advanced tech space.”
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