QoreNext, a data-as-a-service (DaaS) company based in Singapore, has raised US $1.5 million in a seed funding round headed by Wavemaker Partners.
The funds will be used to accelerate the manufacture of the startup’s key components and launch its initial products.
QoreNext is a virtual data factory founded in 2020 by data scientist and entrepreneur Rahul Sahgal. Customers may use its networked data products using integrations.
The QoreNext platform uses machine learning and robotic process automation (RPA) to provide high-quality data with a flexible pricing approach to clients.
“QoreNext’s machine learning-powered RPA-driven approach allows for various cost-efficient optimisations and automation within data science teams. It also gives companies access to foundational data that are vital for decision-making,” said Paul Santos, managing partner of Wavemaker Partners.
The company gathers foundation data — well-defined data that can be shared across numerous apps, processes, or use cases — to help businesses solve problems with data production and consumption.
The company also incorporates the gig economy model into its corporate data management process, eliminating the need for a data steward or editing staff.
“We have already had many constructive discussions with corporates that show a genuine interest in our data offerings,” said Rahul Sahgal, founder and CEO of QoreNext.
Sahgal had a successful exit with his data and analytics business Annik before launching QoreNext (acquired by CapGemini in 2018).
According to MIT Technology Review’s latest research, just 13% of organisations globally “excel” at executing their data plans. Another study by Seagate (which polled 1,500 worldwide business leaders) found that 68% of data held by companies was unleveraged.
As a result, DaaS becomes a significant choice for mitigating data management risks and shifting them to a third-party cloud-based service. According to Quince Market Insights, the worldwide data as a service market will be worth US $5.4 billion by 2030, growing at a CAGR of 14% between 2021 and 2030.
Last year, ScaleHouse founder Kristin Luck, Facebook senior director of product Adil Wali, and The NPD group COO and CFO Thomas Lynch invested in QoreNext as an angel investor.
