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.
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.”
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.”