PropheSee, a city-based digital analytics firm, has raised Rs 3.3 crore (USD 5,16,000) in angel funding from Indian Angel Network (IAN) and Stanford Angels and Entrepreneurs India (SA&E India).
The startup provides a competitive advantage to brands by tracking, aggregating & reporting on brands' and their competitors' digital presence across multiple platforms.
Since its launch in November 2014, PropheSee has worked with over 15 brands across six industries.
Ajay Lavakare (former MD, RMS Risk Management Solutions, India), Bikky Khosla (CEO, TradeIndia.Com) and Satveer Thakral (CEO, Singapore Angel Network) are the lead investors, IAN said in a statement.
The funding will be used to scale technology and build core talent.
"The key focus areas over the next six months include the development of more industry-specific analytics and modules, investing in predictive algorithms and data visualisation methods," it said.
PropheSee also plans to build further audience listening and community management capabilities in addition to testing new methods to measure consumer engagement, intent and other behaviours, it added.
The data analytics market is expected to surpass USD 42 billion through 2018, at a growth rate almost six times as that of the overall IT market.
"PropheSee also wants to address the issue centered on access to analytics and is working towards bringing robust analytics to startups and small and medium businesses at a fraction of current costs," the statement said.
"Our key focus is to deliver actionable insights using big data technologies to run pioneering analytics. All companies should have access to digestible, actionable insights from their social and digital presences," PropheSee co-founder and CEO Ishaan Sethi said.
The platform will soon be capable of running predictive analytics to model consumer behaviour (among other trends) based on digital data, he added.
