Ai-based location intelligence company, Data Sutram on Wednesday said, “It has raised $2.07 Million in fresh round funding led by Varanium Capital and Yatra Angel Network.”
The round also saw participation from Group of Angel Investors, DMI Finance’s Sparkle Fund, White Ventures, Seeders LLP, and from its existing investors including IIFL Fintech Fund, Indian Angel Network.
“The startup plans to use the fresh round funds to build and enhance new and existing products respectively as well as scale to new geographies & sectors,” the statement said.
Founded in 2018, Data Sutram was founded by engineers from Jadavpur University – Rajit Bhattacharya, Aisik Paul, and Ankit Das, to make actionable insights readily available for every address in India. The proprietary AI and ML-driven data engine automatically convert raw unstructured data from satellites, mobile phones, POS machines, and several other sources to create insights that capture how people live and behave, available for any location up to 100m granularity.
Commenting on the fundraise, Rajit Bhattacharya, Co-founder & CEO, Data Sutram said, “Today, India is home to the fastest-growing data science communities, however, the challenge here is- without the right data, all these AI & ML models are going to be ‘garbage-in & garbage-out. With Data Sutram, the idea is to create actionable data that people can act on & take decisions that give an incremental lift to business operations”
Speaking on the investment in Data Sutram, Aparajit Bhandarkar, Partner, Varanium NexGen Fund said, “The Insurance, Lending & Banking sectors have been showing significant shifts in the last decade. This brings in a growing need for fintech and traditional companies to use alternative intelligence and enhance customer acquisition, credit underwriting, and distribution planning. Data Sutram is addressing these challenges and is playing an active role in bridging this gap.”
