Adage Automation Private Limited has raised nearly $24 million (Rs 230 crore) in a funding round led by InCred Growth Partners Fund, the private equity arm of InCred Alternative Investments.
InCred Growth Partners Fund contributed Rs 180 crore as the lead investor, with participation from Global South Capital and Prachetas Capital, Adage said in a statement.
The fresh capital will be used to support Adage’s next phase of growth, as the company looks to strengthen its position as a technology-led industrial solutions platform. The platform serves critical process industries across India and select international markets, the statement added.
The capital will also be deployed to accelerate investments in AI-enabled industrial software, advanced engineering capabilities, digital monitoring platforms, manufacturing expansion, and global operations.
The company also plans to expand its footprint across the Middle East, Africa, Europe, and the US while continuing to build its technology portfolio aimed at improving operational efficiency, enabling predictive maintenance, ensuring regulatory compliance, and supporting sustainability outcomes for its customers.
“From an India-bred startup, Adage has evolved into an acknowledged leader in country’s Gas Analytical market, backed by world-class infrastructure, deep domain expertise and a relentless focus on innovation. This will enable us to accelerate our global expansion, invest further in AI-powered digital technologies and advanced analytical solutions, and strengthen our position as a trusted partner to the world’s leading energy, petrochemical and process industries,” said Abhijit Chatterjee, Managing Director & CEO, Adage Automation.
Established in 2001, Adage Automation is a gas analytics company, delivering integrated engineered solutions to the large and mid-size industries for process optimisation, continuous emission monitoring systems (CEMS), and ambient air quality monitoring systems (AAQMS) applications.
