Innovaccer, a data analytics company based out of Noida has raised seed funding in a round led by Rajan Anandan, Google’s vice president for South-East Asia. Seed accelerator 500Startups and redBus founder Phanindra Sama also participated in the funding round.
Innovaccer, which has offices in Noida and Palo Alto, did not disclose the exact amount it raised, only saying the investment was in the late single-digit rupee crores.
Other investors in the latest funding round included Teru Sato, chief executive of Beenos Group; Aneesh Reddy, founder and CEO of Capillary Technologies; and Venkatesh Valluri, chairman of Ingersoll Rand India.
Through implementations of machine learning and Big Data technologies, InnovAccer simplifies access to structured data and analytics with platforms that learn. Our flagship product Datashop is deployed at critical international bodies and is disrupting the ways Think Tanks, Corporate and Researchers across the globe extract intelligence from data.
The startup was started in 2012 by IIT Kharakpur alumni – Abhinav Shashank and Sachin Jaiswal. Innovaccer is different from most other data analytics firms that work only with corporates. The nearly three-year-old startup works with researchers, giving them access to data that help them solve issues of the real world.
The company, which graduated from 500Startups accelerator on Tuesday, has a new product that will allow large organisations put their internal numbers in the context of publicly available data on the Web so they can make better decisions. It takes a sectoral approach to problems, as opposed to deriving solutions for a specific company like services firm MuSigma does.
Innovaccer, which won the TiE50 top startup award this year, said it aims to clock revenue of Rs 20 crore in 2015