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Innefu Labs raises USD two million funding from IndiaNivesh Fund

ANI  |  New Delhi [India] 

Artificial Intelligence (AI) startup Innefu Labs raised Series-A funding worth USD two million from Venture Capital Fund. To this regard, the latter will acquire a minor stake in the company.

The New Delhi-Based startup was founded in 2011 by Tarun Wig and Abhishek Sharma. Innefu has been continuously working on its AI prowess to develop innovative frameworks in biometrics authentication and predictive intelligence for governments, public undertaking, corporate and enforcement agencies.

"We are a completely 'Made in India' company providing indigenous products solutions to our customers in and abroad. Our products have been developed using cutting edge technologies to provide customised solutions. We have the right blend of domain expertise with tech knowhow to compete with the best in the world," said Sharma.

Among the company's clients are major institutions and intelligence agencies including DRDO, (BSF) and CRPF, apart from corporates such as Mahindra & Mahindra.

The innovation in predictive intelligence, AI platforms and many such technologies are sure to strengthen enforcement agencies and military forces to predict and thwart virtual threats.

The funds raised by Innefu Labs will be primarily used to enhance its AI platform that is effectively supporting various enforcement agencies for predictive intelligence and facial biometrics.

The company intends to invest this fund for talent acquisition and market expansion. The funding will also play a strategic role in Innefu's entry into the Bangladesh and Sri Lanka markets.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 18 2017. 16:42 IST