IQLECT, a Bengaluru-based start-up in the big data and analytics space, has raised Rs 12 crore ($2 million) in a round led by Exfinity Venture Partners. This is Exfinity’s first investment in the analytics space. The Bengaluru-based venture capital firm has invested in six companies out of the first fund, Rs 125 crore.
Exfinity is setting up its second fund and an offshore fund with a corpus of Rs 1,000 crore.
IQLECT was founded in 2012 by Sachin Sinha, an alumnus of Indian Institute of Technology-Kanpur. With this funding around, the company wants to expand rapidly.
“IQLECT’s platform allows enterprises to leverage big data to drive dynamic and effective decision making by integrating data insights with the business in real-time manner. The company has developed complete stack from ground up to quickly enable real time analysis on the cloud or on-premise,” said Balakrishnan, chairman of Exfinity Ventures.
With the exponential rise in the generation of data, partly aided by the massive digitisation that is underway globally as well as in India, analytics as a segment is expected to see rapid growth. Earlier this month, Axtria, a big data analytics service provider, raised $30 million in series C founding in a round led by Helion Venture Partners. A few of the Silicon Valley-based venture capitalists including Gururaj ‘Desh’ Deshpande also participated in the round.
“Explosion of data and advances in data analytics are changing the way businesses compete, requiring them to make faster and better decisions based on real-time analysis. However, implementing real-time big data analytics is challenging, requiring the IT organisations to assemble team of high-calibre resources to implement critical solutions based on fully or partly open-source software that do not always meet enterprises’ requirements,” said Sinha.