DeepMatrix Pockets Funding To Offer Geospatial Data Solutions To Businesses

Geospatial analytics startup DeepMatrix has raised $1.6 Mn (INR 13.28 Cr) in a Pre-Series A funding round co-led by YourNest and Arali Ventures, along with a host of angel investors, including Tracxn founder Abhishek Goyal among others.

The Bengaluru-based company plans to use the fresh capital to boost its product stack, scale up its offerings in mining and asset management and expand into overseas markets like the US and Australia.

Founded in 2022, DeepMatrix offers a cloud-native SaaS platform that unifies and simplifies data ingestion, analysis and visualisation for geospatial data. 

The platform addresses challenges of data annotation, labelling, analysis, and reporting, providing an intuitive solution for enterprises to manage and interpret large volumes of geospatial data efficiently.

“There is an increased demand in the industry and this funding will help in developing breakthrough innovative solutions to solve customer problems. We have experienced good traction in the Indian market and are looking to work with enterprises and governments in developed markets like US, Australia and Europe, etc.,” said DeepMatrix’s CEO Naresh Soni.

As per a report by Mordor Intelligence, the Indian geospatial analytics market is expected to grow from $1.38 Bn in 2024 to $2.70 Bn by 2029, at a CAGR of 14.82%. 

DeepMatrix competes against established players like Esri, Google, Hexagon AB, and MapmyIndia in the geospatial analytics space. 

MapmyIndia, a leading player in the space, has been actively expanding its offerings and partnerships. The company has also seen substantial revenue growth potential, with JM Financial initiating coverage on the company and projecting revenue to reach over INR 10,000 Cr by FY27/28.

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