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AI startup Innefu Labs raises $2 mn from IndiaNivesh Fund

Press Trust of India  |  New Delhi 

Artificial intelligence startup Innefu Labs today said it has raised USD 2 million (over Rs 12 crore) in funding from Venture Capital Fund.

The series A funding will see acquiring a minority stake in the company, Innefu Labs said in a statement.

The was facilitated by Sweat Equity Partners.

The funds raised will be primarily used to enhance the AI platform that supports various enforcement agencies for predictive intelligence and facial biometrics.

It will also invest in talent and expansion into markets like and Sri Lanka, it said.

The city-based startup was founded in 2011 by Tarun Wig and Abhishek Sharma. The company works with agencies, corporates and enforcement agencies.

Its clients include DRDO, (BSF) and as well as corporates like Mahindra and Mahindra.

"We are a completely 'Made in India' company providing indigenous product solutions to our customers in and abroad. We have the right blend of domain expertise with tech know-how to compete with the best in the world," Sharma said.

Venture Capital is a Rs 150 crore fund that has invested in 5 businesses so far.

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

First Published: Mon, April 17 2017. 15:57 IST