Info Edge Ventures has led a USD2 million seed round into Lumiq, an Indian data and analytics company that provides data-driven decision-making for financial enterprises.
The funding round also saw participation from Redstart Labs and angel investor Parampreet Bhasin. Lumiq plans to utilise the fresh capital in the company’s sales growth, improve its product offering, as well as expanding its global presence.
Lumiq is on a mission to make financial enterprises manage their data better, as it believes that most data pipelines of financial enterprises are broken. This results in an inefficient and suboptimal utilization of a vast pool of data which, when managed better, can provide “invaluable” insights into the institutions, according to Lumiq.
The company’s emPower data platform with its inbuilt data models intends to enable financial enterprises in the banking and insurance sectors to activate and monetize their aggregated data.
To this end, Lumiq has developed over 70 data models and is live on over 20 cloud data platforms of financial enterprises. The company has so far analysed over one billion customer interactions and influenced more than 100 million customer journeys.
Over the last six months, their emPower platform has also seen adoption in overseas markets including the US and South-East Asia. “With the pace of digital transformation accelerating faster than ever before, managing data effectively is now one the biggest challenges for enterprises,” said Kitty Agarwal, partner at Info Edge Ventures.
“Lumiq works closely with some of the most reputed financial institutions in India and overseas helping them implement modern DataOps techniques. Many of these enterprises further connect with Lumiq’s plug and play suite of SaaS products to bring in further efficiencies in their data,” she added.
Info Edge Ventures, the investment arm of Info Edge – India’s first listed internet company – was launched in 2008 in order to partner with upcoming entrepreneurs.