GeoIQ secures $2.25 Mn from Lenskart & others

Reader's Pick

Bengaluru-based hyperlocal performance prediction company GeoIQ has raised $2.25 million from Lenskart.

The round also saw participation from its existing investors including 9Unicorns & Ecosystem Ventures.

The funding comes after a post-covid industry-wide shift in using location intelligence to accelerate business growth.

- Advertisement -

The fresh funding will allow the location AI company to expand into international geographies, strengthen its proprietary data stack, and leverage communities of data scientists to build diverse AI models.

Founded by Devashish Fuloria, Tushneet Shrivastava, and Ankita Thakur, GeoIQ utilizes proprietary algorithms to layer government data with other 600+ trusted public sources and satellite imagery into generating 100m x 100m geospatial grids. The AI layer on top uses these data points to predict user behaviors, affluence, and business potential at an address/lat-long.

Speaking on the development, Devashish, CEO of GeoIQ said, “Last 12 months have been phenomenal for us. Our business is experiencing hockey-stick growth, thanks to our dedicated team of data scientists, and our investor board at Ecosystem Ventures, which has played an instrumental role in our growth journey and helped scale to 10x revenues in the past 12 months. Being in the business of prediction, the next 12 months look even more promising.”

Commenting on the development, Tusheet, Co-founder & CTO of GeoIQ added, “Today, the major contribution to our business comes from Fintech. We have plans to go deeper into Insurance, Retail, E-Commerce, and AdTech. The next phase of our growth journey will entail vertical expansion; we are witnessing a growing demand from data teams in geographies such as the US. We are very keenly looking at such markets.”

- Advertisement -

Further talking about the investment round, Ecosystem Ventures’ Co-Founder Abhijeet Bhandari added, “We’re happy to be an integral part of GeoIQ and to support them through their critical business decisions and fundraising. We are anticipating their multi-fold growth.”

Krishna Mali
Krishna Mali
Founder & Editor of TechGraph.

Latest News

Promoted Links

Related Stories

NASA astronauts to carry first ever all-female spacewalk on 29 March

Two NASA astronauts are scheduled to carry out the first ever all-female spacewalk in...

Sino-US trade war offers Europe’s chance to bank more Chinese reserves: Analysis

Should European countries want the euro to replace the dollar as the world's dominant...

Rajesh Bysani joins Brainly as its new CPO

A New York headquarter peer-to-peer learning platform, Brainly has announced the appointment of Rajesh...

Rahul Gandhi hits on RCEP says, ‘Make in India’ has become ‘Buy from China’

Asserting that "Make in India" has become "Buy from China," Congress leader Rahul Gandhi...

AI bot “ClaRAN” can spot radio galaxy too.

An artificial intelligence (AI) programme used to recognize faces on Facebook can also identify...

1Win App: Review India Apk for Android and iOS

The company 1Win has been successfully operating in the markets of many countries around...

Bitcoin drops 12% low after hitting 18 months high at $14,000 this week

Bitcoin's price skidded 12% lower on Thursday to around $11,383 after hitting an 18-month...

IBSFINtech launches Ai based SaaS solution for Supply Chain Finance

IBSFINtech, India's leading TreasuryTech solutions provider for corporates, has extended its product offerings with...

Ampere Electric to setup e-mobility manufacturing plant in Tamil Nadu

Electric Mobility Company Ampere Electric has announced a phased investment potential of Rs 700...

Cloudflare eyes for IPO, hires Goldman Sachs for valuation

According to the Reuters reports, Cloudflare Inc, a U.S based web security company is...

An interview with Brijesh Kohli, Director of Xebia Academy

In an interview with TechGraph, Brijesh Kohli, Director of Xebia Academy said, "We believe...

Tech Trends for Integrated Business Services

Technology has changed the face of business like never before. This is the era...

New hiring policies to look at by HR leaders for the IT industry

A new paradigm in the Indian IT business is being influenced by the epidemic...

COVID-19: Amazon India partners with Acko General Insurance to offer free health insurance to sellers

India's leading e-commerce company Amazon India on Wednesday announced its partnership with Acko General...