Chennai-based deeptech startup Reneonix raises Rs 1.7 crore from Inflection Point Ventures

Deeptech startup Reneonix has raised Rs 1.70 crore in a pre-seed funding round led by Inflection Point Ventures, a Gurugram-based angel investment firm.

The round saw participation from leading institutions, angel investors, and grant bodies, including the Department of Science and Technology (Government of India), NSRCEL-IIM Bangalore, SustainTN, and ITEL Foundation.

The startup will use the funds towards R&D with a focus on hardware innovation and material science to advance commercial prototypes.

Reneonix, founded in 2023 by Iwan Richard, Karthik Sankar, and Varun Pandithurai, is a Chennai-based startup building circular materials infrastructure for the packaging industry, starting with glass. It combines AI-led sorting, end-to-end traceability, and material science to convert post-consumer waste into specification-grade circular raw materials at scale.

Mitesh Shah, co-founder, IPV, said, “India’s transition to a circular economy will require more than intent it will require infrastructure. Reneonix is building exactly that. Their deep-tech approach combining AI-led sorting, material science, and traceability creates measurable circular outcomes for brands and manufacturers. We believe their execution-first model positions them strongly to become a critical infrastructure layer in India’s sustainable packaging ecosystem.”

Iwan Richard, Founder & CEO, Reneonix, said, “We're building Reneonix as the Deep tech infrastructure layer for circular materials in the packaging industry, starting with glass and expanding into other hard-to-recycle streams. Our vision is to make circularity measurable and scalable through AI-led sorting, end-to-end traceability, and material science-driven value creation. Partnering with Inflection Point Ventures has helped us sharpen our execution focus and accelerate our go-to-market.”

Reneonix is backed by the Department of Science and Technology, Startup India Seed Fund Scheme, and HDFC Bank Parivartan, and has been incubated at innovation ecosystems including NSRCEL, IIM Bangalore, ITEL Foundation, Anna Incubator, iTNT Hub, and Crescent Innovation and Incubation Council.

The global circular packaging market was valued at approximately $245 billion in 2024 and is projected to reach nearly $352 billion by 2030. Meanwhile, the sustainable packaging market, valued at approximately $273 billion in 2023, is expected to grow to nearly $ 448 billion by 2030.

In India, the overall packaging industry is estimated at $80-100 billion for FY 2024-25. The sustainable packaging segment alone is projected to reach $10 billion in 2025, driven by rising regulatory mandates, ESG adoption, recycled content targets, and compliance-driven circularity.