GeoIQ, a location intelligence startup, has bagged an undisclosed amount of funding from IP Ventures. The platform GeoIQ will utilize the funds to expand its tech team, improve product development and focus on marketing, cited Inc42.
Devashish Fuloria, CEO, GeoIQ said, “IP Ventures brings together an excellent group of people, with experience across major industry sectors who provide direct assistance on how to tailor our product as per the industry needs.” He also highlighted the importance of the right partnership and added, “For an enterprise product like ours, the access to the right set of people is paramount.”
Started in 2018, GeoIQ offers real-time solutions to help allocate resources towards the real target customer group in a cost-efficient manner. It has over 25 clients across retail and logistics including Sanofi, Eko Financial, Bounce, Curefit etc.
GeolQ, which is currently an early-stage startup, operates in the location intelligence space, using data from multiple sources to service clients across verticals.
Rajeev Pandiya, IP Ventures angel investor said, “In a slowing economy, this can be a competitive advantage for senior management trying to gain market share as well as get real-time accurate data to keep a check on sales teams’ expenditures justifying wasteful promotion schemes, incentives etc.”
Furthermore, according to a Gartner report, by 2021, organisations which offer information about their location, coverage area and use geo-location-based analytics will witness a 2X growth from their data and analytics investments than those that do not.