A Luxembourg-based Integrated Design Suite (IDS) for engineers has just closed a fundraising round with a Californian VC firm to scale its customer base.
Asets-Lux, which was launched by Ashwini Oke in 2018, secured the undisclosed amount in seed funding through specialised tech VC Right Side Capital San Francisco.
“With this funding, we plan to bump our monthly recurring revenue by three times,” Oke explained, adding that the team will grow from four to seven.
Asets-Lux launched its IDS platform in 2021 in a bid to connect the dots between the different engineering design tools being used by engineering procurement and construction operators in the energy infrastructure construction industry.
In 2022 it was selected by the newly created Luxembourg genr8tor accelerator programme, in which it sold a 7% stake in the business for €100,000 and received comprehensive business training and mentoring.
Oke credits this experience and particularly the support of Luxembourg Gener8tor Managing Director Menachem Tabanpour.
“Gener8tor had a huge impact on this fundraising […] Some people are born as organic business people and some people are technical. So, you need a compassionate listener, you need a coach. […] It’s like a Mum teaching a little kid. I really appreciate that.”
Click here to read more about Asets-Lux.
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