With participation from lead angels and Tracxn founder Abhishek Goyal, the deeptech startup DeepMatrix has raised $1.6 million in a pre-Series A funding round co-led by YourNest and Arali Ventures.
The Bengaluru-based startup raised more than $600,000 in its most recent fundraising round in March 2022.
According to a press release from DeepMatrix, the funds will be used to boost the company’s expansion in important markets like the US and Australia, improve its product offerings in the mining and asset management industries, and accelerate its growth.
The global geospatial analytics market is projected to reach $85.77 billion in 2022, with a compound annual growth rate (CAGR) of 12.6% between 2024 and 2030, based on market research.
DeepMatrix, which was co-founded in 2022 by Kaustubh Tripathy and Naresh Soni, helps businesses manage all of their geospatial data in one location, which lowers costs, improves safety, and maximizes resource management. The platform states that by speeding up the analysis of large geospatial datasets, its cloud-native platform has already saved businesses thousands of hours.
DeepMatrix claims that it provides businesses with a state-of-the-art platform that removes obstacles and drastically cuts down on the amount of time needed for geospatial data analysis. The business further states that it has mapped a large area of land and spent hours gathering data, giving vital information about urban areas, forests, quarries, mines, and important infrastructure features like transmission towers and highways.
Data annotation, labeling, analysis, and reporting are challenges that DeepMatrix tackles. It provides businesses with an easy-to-use way to efficiently manage and interpret massive amounts of geospatial data by streamlining and unifying data ingestion, analysis, and visualization.
