Bengaluru-based big data analytics startup Iqlect has raised a bridge round of ₹17.2 crores ($2.5 million) from new investor VentureEast and existing investor Exfinity Ventures. The funds raised will be used to expand the leadership team in Bengaluru, along with adding more engineering and sales talent.
The company had earlier raised a ₹13.74 crores ($2 million) round from Exfinity Ventures.
The startup is in the process of shifting its headquarters to San Jose, US, and is also looking to add go-to-market and tech talent in the US too.
Iqlect was founded in 2015 by Sachin Sinha, former co-founder of LimeRoad and ex-Jabong CTO. It provides real-time analytics platform facilitating predictive analysis and operational analysis to improve customer engagement experience and operation of an organization.
The startup offers solutions to companies in various domains including infrastructure, e-commerce, security, among others providing SaaS and on-premise deployment models. It will also be launching its proprietary NoSQL database, BangDB by September.
“A deep-tech company that seeks to make real-time data analytics more easily accessible, Iqlect offers an affordable full stack analytics solution. The platform, operating on a flexible plug-and-play model, is a departure from existing solutions by competitors,” said Shailesh Ghorpade, managing partner, Exfinity Ventures.
The startup will be looking to reach the annual recurring revenue of ₹6.87 crores ($1 million) by the end of the year, and is also in the process of raising a series A round soon, as told by the company in a media statement.
According to a report by Gartner in June 2018, analytics and business intelligence software market revenue in India is expected to touch around ₹2,088 crores ($304 million) in 2018 with an 18.1% year on year growth.