An incubatee of the Centre for Innovation, Incubation and Entrepreneurship CIIE-IIM Ahmadabad, FORMCEPT Technologies and Solutions has secured an undisclosed amount of Series A funding led by a pioneer venture capital fund in India, GVFL Ltd.
GVFL has invested in FORMCEPT through its recent technology and innovation fund, GVFL Startup Fund. With this round, Sankalp Bajpai, Vice President, Investments, GVFL will be joining the board of FORMCEPT.
Founded in 1990 at the initiative of World Bank, GVFL Ltd has supported ventures working on cutting-edge technology as well as encouraged entrepreneurs with innovative ideas. Over the past two decades, GVFL has raised eight venture capital funds which have supported over 80 companies.
With the freshly infused fund, startup plans to accelerate its growth by going global. Commenting on the development, Suresh Srinivasan, Co-founder, FORMCEPT said “Our product is already proven with a handful of Fortune 1000 clients. We would now expand our technology team in India and cater to international markets where our solutions have immense potential.”
Co-founded by Suresh Srinivasan and Anuj Kumar in 2011, FORMCEPT is a unified data analysis platform that helps enterprises get actionable insights from their data faster.
It not only provides a unified interface for storing and querying datasets but also provides batch processing, stream processing and interactive analysis out of the box. It is built on top of NoSQL technologies, like- HDFS, HBase for storage, systems like Map-Reduce, Spark, Shark and Storm for data processing and utilizes the power of graph database, key-value store and index store to provide a seamless experience for the end users.
Known for nurturing its investee startups with mentoring and support, the portfolio team of CIIE played an active role in mobilising this round for Bengaluru-based FORMCEPT. CIIE had a major head-start in cognitive data analytics when it incubated FORMCEPT.
CIIE is the technology business incubator based at the IIMA, aiming to help India’s budding entrepreneurs set up innovative, disruptive and scalable ventures through mentoring, incubation, advising and funding initiatives.