In order to add a leadership team in Bengaluru and made its way to the US markets, big data analytics startup Iqlect has raised a bridge round of $2.5 Mn (INR 17.2 Cr). The investment was led by new investor VentureEast and existing investor Exfinity Ventures.
Founded in 2015 by ex Jabong CTO and former co-founder of LimeRoad, Sachin Sinha, Iqlect offers an all-in-one converged cloud-based real-time big data analytics platform. The aim is to make real-time big data analytics simple, pervasive and affordable for all.
The startup caters to the SaaS needs of the enterprises in industries such as infrastructure, ecommerce, security, among others.
Iqlect is currently in the process of shifting its headquarters to San Jose, US, and is also looking to add go-to-market and tech talent in the US too.
The startup had earlier raised a $2 Mn round from Exfinity Ventures in July 2015.
“A deep-tech company that seeks to make real-time data analytics more easily accessible, Iqlect offers an affordable full stack analytics solution. The platform, operating on a flexible plug-and-play model, is a departure from existing solutions by competitors,” said Shailesh Ghorpade, managing partner, Exfinity Ventures.
Related Article: Analytics Startup IQLECT Raises $2Mn From Exfinity Ventures
Iqlect: Moving On To Becoming A Global Company
Sashin shared that Iqlect is now looking to hire VP’s for engineering, product management, marketing and sales and also a country manager for India. Also, they are flipping the company to make it a US company.
“So, we are hiring go-to-market folks and a few key tech guys for our US office,” he added.
The startup will be entering the US markets with proprietary NoSQL Database, BangDB. BangDB is distributed, transnational, key value, document database which is written in C/C++ from the ground up for high performance, robustness and ease of use.
For the uninitiated, a database management system is simply a software application that talks and connects end users, applications and the database to capture and analyse data.
Iqlect is further looking to hit an annual recurring revenue of $1 Mn by the year-end. It is also in the process of raising a Series A round soon, with existing investors as well as a few foreign investors from the Bay Area, as shared by the company in a media statement.
Analytics Magazine in its February 2018 article quoted that “truly real-time, avoids and breaks silos giving much lower latency and higher throughput, accelerated time to market, integrated ML and AI framework, cost optimisation and others” are the differentiating factors for Iqlect in the current market.
Other notable Indian startups in the analytics domain are CropIn, Lymbyc, GyanData, Razorthink, and Tredence among others.
By 2020, as Bernard Marr notes, an estimated 1.7 megabytes of new information will be created every second for every human being on the planet. This indicates that real-time data analytics has become a crucial component in almost every industry now.
In its June 2018 report, Gartner quoted that Indian organisations are increasingly moving from traditional enterprise reporting to augmented analytics tools that accelerate data preparation and data cleansing. It further predicted that the analytics and business intelligence (BI) software market revenue in India is expected to reach $304 Mn in 2018, an 18.1% year-on-year increase.
[The development was reported by ET.]