Lumiq, India’s premier data, and analytics startup has secured $2 million in initial investment led by Info Edge Ventures to support data-driven decision-making for financial organisations.
Redstart Labs and angel investor Parampreet Bhasin also contributed to the round.
Lumiq intends to invest the cash in increasing sales, improving product offerings and extending their worldwide reach.
Lumiq is on a mission to help financial institutions better manage their data. Most financial companies’ data pipelines are currently dysfunctional, and their data is stored in silos.
This leads to inefficient and poor use of a huge pool of data that, if well managed, may offer institutions important insights. With its built-in data models, Lumiq’s emPower data platform allows financial institutions in the banking and insurance industries to activate and monetize their data.
Lumiq has created over 70 AI/ML data models that are ready to use and is live on over 20 cloud data platforms used by financial institutions.
Over 1 billion customer contacts have been analysed, and over 100 million customer journeys have been affected. The firm boasts long-term, trusted relationships with more than 30 clients, all of whom have a zero-churn track record.
Their emPower platform has seen significant growth in international areas such as the United States and Southeast Asia during the previous six months.
“With the speed of digital transformation growing faster than ever before, managing data properly is becoming one of the major problems for enterprises,” said Kitty Agarwal, Partner at Info Edge Ventures. Lumiq works directly with some of India’s most reputable financial organisations, assisting them in implementing contemporary DataOps approaches. Many of these businesses also use Lumiq’s plug-and-play portfolio of SaaS solutions to improve the efficiency of their data.
The team’s experience in data science and data engineering has allowed them to routinely achieve over 100% YoY growth while staying bootstrapped, and we believe that this round of investment will help them accelerate their ambitions.
Speaking on the successful funding round, Shoaib Mohammad, Founder, and CEO, Lumiq, said, “According to Gartner’s Top 10 Data and Analytics Technology Trends for 2021, data and analytics are shifting to a core business function instead of being a secondary activity. Modern data stacks have become mainstream enabling API-based connectivity with a multitude of collaborative tools and business intelligence tools.”
He further added, “Lumiq’s emPower platform provides Cloud-native, AI solutions, and accelerators for the financial service providers that boost customer experience and enhance business productivity. This is enabling enterprises to accelerate and power customer outcomes to deliver digital efficiencies faster with visible differences in less than 100 days of implementation. We are really excited to partner with Info Edge Ventures as this association will help us expand our product portfolio as well as take our sales and operations to the global market.”
