CIIE-IIMA Incubatee FORMCEPT Raises Funding From GVFL

Data analytics startup, FORMCEPT Technologies and Solutions Pvt. Ltd has raised an undisclosed amount of Series A funding from VC fund GVFL (Gujarat Venture Finance Ltd).

The company is an incubatee of the Centre for Innovation Incubation and Entrepreneurship (CIIE) – IIM Ahmedabad. GVFL has invested in FORMCEPT through its recent GVFL Startup Fund. With this move  Sankalp Bajpai, Vice President, Investments, GVFL Limited, will join the company Board.

Founded in 2011 by Suresh Srinivasan and Anuj Kumar, Bengaluru-based FORMCEPT is a unified data analysis platform. It helps enterprises get actionable insights from their data faster. MECBOT, the company’s flagship product, is an Open Cognitive Platform.

It transforms the way data analytics, deep learning, artificial intelligence (AI), predictive analytics, and IoT interface with each other on a near real-time basis. This leads to superior efficiencies, smart monitoring, and intelligent resource management. The startup claims to derive actionable insights from data in half the time and at one-third the cost.

Talking about the development, Suresh Srinivasan, co-founder of FORMCEPT said, “AI empowered by big data is disrupting the entire data analysis space. MECBOT, with its core capabilities and being built using Deep learning and AI techniques to handle all forms of data, is at the right inflection point on the global growth trajectory.”

The startup will use the newly raised funds to accelerate global growth. The company claims that it has a handful of Fortune 1,000 clients. It is planning to expand its technology team in India and cater to international markets.

Sanjay Randhar, Managing Director, GVFL Limited said, “As the explosive growth of data generation continues across industries, enterprises will immensely benefit from having a unified data analytics platform that can perform real-time analytics on both structured and unstructured data. We believe FORMCEPT’s product will deliver this value proposition to enterprises and help drive faster data analytics to gain better ROI.”

FORMCEPT recently worked with ESPN Cricinfo, to develop an end-to-end, comprehensive query-enabled platform that enables access to searchable cricket big data and statistics in a user-friendly manner.

In April 2017, customer data analytics software company Flytxt raised about $11 Mn funding from DAH Beteiligungs GmbH, a company related to the Hopp family office. Earlier this week, Quantta Analytics raised an undisclosed amount of funding in its Pre-Series A round. The round was led by undisclosed entrepreneurs and investors from India and Silicon Valley. Other startups in the data analytics segment along with FORMCEPT include IntelligenceNODE, Indus Insights, Axtria, BRIDGEi2i, DataCultr, etc.