Chennai-based deep tech startup Reneonix has secured ₹1.70 crore in a pre-seed funding round led by Inflection Point Ventures. The round also witnessed participation from institutional and ecosystem partners, including the Department of Science and Technology (Government of India), NSRCEL-IIM Bangalore, SustainTN, and ITEL Foundation.
The fresh capital will be directed toward research and development, with a strong emphasis on hardware innovation and material science to advance Reneonix’s commercial prototypes.
Building Circular Materials Infrastructure for Packaging
Reneonix is developing scalable circular materials infrastructure for the packaging industry, starting with glass. The company operates as an execution partner for brands and manufacturers, delivering an end-to-end service model that spans collection, sorting, processing, logistics, and compliance reporting.
Its AI-led traceability framework enables unit- and batch-level tracking to ensure quality assurance and regulatory compliance. By expanding into high-value glass derivatives such as foam glass, Reneonix aims to unlock stronger monetization opportunities within the circular economy ecosystem.
Currently in the pre-revenue stage, the startup is focused on product development and pilot deployments, supported by an integrated hardware, software, and operations stack designed for replication across cities through standardized operating procedures and local recovery partnerships.
Strong Founder Bench and Ecosystem Support
Reneonix was founded by Iwan Richard (Founder & CEO), alongside Karthik Sankar (Co-Founder & COO), Varun Pandithurai (Co-Founder & CTO), and Mohammad Mohiyeddin (Co-Founder & CCO). The leadership team brings combined expertise in operations, technology development, scaling, and partnership management across enterprise and startup ecosystems.
The startup is backed by initiatives including the Department of Science and Technology, Startup India Seed Fund Scheme, and HDFC Bank Parivartan. It has also been incubated at leading innovation hubs such as NSRCEL at IIM Bangalore, ITEL Foundation, Anna Incubator, iTNT Hub, and Crescent Innovation and Incubation Council.
Tapping Into a Rapidly Growing Sustainable Packaging Market
The global circular packaging market, valued at approximately USD 245 billion in 2024, is projected to reach nearly USD 352 billion by 2030. Meanwhile, the sustainable packaging market is expected to grow from around USD 273 billion in 2023 to nearly USD 448 billion by 2030.
In India, the broader packaging industry is estimated at USD 80–100 billion for FY 2024–25, with the sustainable packaging segment alone projected to touch USD 10 billion in 2025. Growth is being driven by stricter regulatory mandates, ESG adoption, recycled content targets, and compliance-led circularity initiatives.
With its deep-tech infrastructure model, Reneonix is positioning itself to capture rising demand for circular materials across India and global markets, as enterprises accelerate their shift toward sustainable and traceable packaging solutions.
Leadership Quotes
Mitesh Shah, Co-founder, IPV says “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 says, “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.”
Also read – Roopya Raises ₹4 Crore in Seed Funding Led by Inflection Point Ventures
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