Bengaluru based location Intelligence platform GeoIQ has raised an undisclosed amount of funding from IP Ventures. An early revenue stage start-up, GeoIQ has already established itself in the space of location intelligence based on multiple data sources. It has over 25 clients across retail and logistics including Sanofi, Eko Financial, Bounce, Curefit etc.
Founded in 2018 by Devashish Fuloria (CEO – IIT Kanpur 2004), Tusheet Shrivastava (CTO – IIT Kanpur – 2011) and Ankita Thakur (Chief Data Scientist), the founders come with start-up domain & consulting experience, as well as expertise in ML & AI having solved large data problems in their previous roles. Devashish said, “for an enterprise product like ours, the access to the right set of people is paramount. IP Ventures brings together an excellent group of people, with experience across major industry sectors who provide direct assistance on how to tailor our product as per the industry needs.”
On the fund-raising, Ankita said, “The process of raising funds was rigorous, transparent, and most importantly from a founder’s perspective ultrafast as well. We intend to utilize the funds to hire tech team members, product development and focused marketing.”
A recent report by Gartner states that by 2021, organizations that offer a curated catalogue of internal and external data to diverse users will realize twice the business value from their data and analytics investments than those that do not. The Location intelligence global industry is pegged to be at $25 Billion by 2025. While North America is the largest market, APAC is the fastest-growing region.
Tusheet said, “a strong blend of ML capabilities, data engineering, geo-spatial expertise and a state-of-the-art product is driving GeoIQ. With this unique set, we have married client data with satellite imagery and government data with ridiculous ease.” Since its inception, GeoIQ has built a repository of granular data from multiple sources and now boasts of granular demographic information on 500 million grids (100x100m) across India.
Speaking on his investment in the start-up, IP Ventures angel investor Rajeev Pandiya said, “GeoIQ offers real-time solutions to help allocate resources towards the real Target Customer Group in a cost-efficient manner. In a slowing economy, this can be a competitive advantage for senior management trying to gain market share as well as get real-time accurate data to keep a check on sales teams’ expenditures justifying wasteful promotion schemes, incentives etc.”