Noida-based Lumiq, a data and analytics company, has raised $2 million seed round funding led by Info Edge Ventures. The round also saw participation from Redstart Labs and angel investor Parampreet Bhasin.
Lumiq plans to utilise the funds in the company’s sales growth, enhancing product offerings and expanding its global footprint.
“With the pace of digital transformation accelerating faster than ever before, managing data effectively is now one the biggest challenges for enterprises. Lumiq closely works with some of the most reputed financial institutions in India and overseas, helping them implement modern DataOps techniques. Many of these enterprises further connect with Lumiq’s plug and play suite of SaaS products to bring in further efficiencies in their data. With the team’s expertise around data science and data engineering, they have been able to achieve over 100% YoY growth consistently while remaining bootstrapped, and we hope this round of funding helps them accelerate their plans,” said Kitty Agarwal, Partner at Info Edge Ventures.
The company has developed over 70 ready-to-deploy AI/ML data models and is live on 20+ cloud data platforms of financial enterprises. In addition, the company has so far analysed over 1 Bn customer interactions and influenced more than 100 Mn customer journeys.
Speaking on the funding round, Shoaib Mohammad, Founder and CEO, Lumiq, said, “According to Gartner’s Top 10 Data and Analytics Technology Trends for 2021, data and analytics are shifting to a core business function instead of being a secondary activity. Modern data stacks have become mainstream, enabling API-based connectivity with a multitude of collaborative tools and business intelligence tools.”
“Lumiq’s emPower platform provides Cloud-native, AI solutions and accelerators for the financial service providers that boost customer experience and enhance business productivity. This is enabling enterprises to accelerate and power customer outcomes to deliver digital efficiencies faster with visible differences in less than 100 days of implementation. We are really excited to partner with Info Edge Ventures as this association will help us expand our product portfolio as well as take our sales and operations to the global market.”
Lumiq’s emPower data platform with its inbuilt data models enables financial enterprises in the banking and insurance sectors to activate and monetise their data.
