Quantduo Technologies Pvt Ltd, which operates consumer insights-focussed location intelligence platform GeoIQ, has raised Rs 2.5 crore (about $337,940) in a seed round of funding.
The round in the Bengaluru-based startup has been led by 9Unicorns, the venture fund set up by startup incubator and accelerator Venture Catalysts. Other participants in this round include Inflection Point (IP) Ventures, Kayenne, and investment platform LetsVenture.
GeoIQ was set up in 2018 by Devashish Fuloria, Tusheet Srivastava, and Ankita Thakur. The company says it leverages its location data stack and machine learning capabilities to provide companies with insights on their customers.
It provides data and models through access to application programming interfaces (APIs) that are directly plugged into decision engines. Sectors that it primarily concentrates on include financial technology and insurance. It is also looking to enable use-cases for e-commerce and retail sectors.
In a statement, Fuloria – who is also GeoIQ’s chief executive officer – said the startup would primarily use the fundraise to expand its user base aggressively.