Raviraj Jain

Xora Innovation has led Hang Ten Systems’ additional $53M Seed-2 funding round, bringing the company’s total funding to $85M. We’re proud to invest alongside Navin Chaddha at Mayfield, Aramco Ventures, Lip-Bu Tan, Sanjay Mehrotra, and others — and to welcome Jerry Yang to the board. We believe the gap between enterprises that use AI to real advantage and those that do not will increasingly define entire industries. As access to leading models becomes more widespread, the hard part is making AI work in the systems and workflows that actually run an enterprise: connecting models and agents to proprietary data and systems of record, rebuilding applications and workflows around their capabilities, and putting the security, controls, evaluation, and reliability required for production use in place. This is difficult because enterprise technology rarely operates in a greenfield environment. Most organizations have deeply interconnected estates of packaged software, custom applications, legacy systems, integrations, and business processes built up over decades. Capturing the full value of AI therefore requires changing not only that software, but also how it is built, modified, and operated. But AI is also changing the economics of transforming that estate. Hang Ten is built around this shift, with a delivery model fundamentally different from traditional, headcount-heavy enterprise services. The company combines agentic code generation and reusable AI skills with small teams of engineers who bring deep domain expertise — enabling them to move faster and deliver 10× more value on existing software development and transformation programs. The early traction is strong. Within weeks of founding, Hang Ten signed multiple engagements with global enterprises, with projects already in production and several successfully completed. We’re backing Vishal Sikka because he is one of the rare leaders who combines deep technical understanding of enterprise software and AI with firsthand experience navigating the organizational and operating complexity of transformation at scale. He has spent his career doing exactly that — from serving as SAP’s first CTO and leading the development of SAP HANA to serving as CEO of Infosys. Vishal and the Hang Ten team are now applying that experience to build a fundamentally different model for the global technology services industry. We’re excited to deepen our partnership with Vishal, Navin Budhiraja, Sanjay Rajagopalan, Tao Liu, Frank Yu, Yusuf Safdari, Pradeep K Panicker and the entire Hang Ten Systems team as they build what we believe can become a defining company in enterprise technology services. Check out what the team is building in this TechCrunch exclusive (link in first comment).

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Investment thesis: GCL Tech is a leading Poly producer sitting at the lowest end of the industry cost curve and has managed to keep inventory at a low level at 3-7 days vs. industry average at over 6mths, thanks to its continued cost reduction and quality improvement efforts in its differentiated FBR Granular Poly tech. We are Buy rated on GCL Tech as we believe the market is overlooking its LT volume upside and cost reduction potential. We expect the accelerating downstream adoption of Granular Poly to help GCL to meaningfully improve its volume and profitability outlook despite a severely oversupplied industry backdrop.

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This article, co-authored by Vardaan Ahluwalia and me lays out India's significant new Research Development and Innovation Fund initiative in the context of other successful interventions: when governments and the private sector work together, they can make a transformative difference to deep technology entrepreneurship. Equally, initiatives to help manage financial risk should be followed by structural reforms in areas ranging from intellectual property regulation, ease of clearances for start-ups, tax rationalization in capital gains and options that helps start-ups attract talent, and a visa regime that attracts leading global researchers. https://lnkd.in/gk92YSZa

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