GeoIQ raised $2.25 Mn in an equity funding round from Lenskart and existing investors – 9Unicorns and Ecosystem Ventures
The fresh capital will be used for expanding its footprint across the globe, strengthening tech infrastructure and widening its data team
GeoIQ is a cloud-based artificial intelligence (AI) platform that helps other organisations understand consumer behaviour and other related variables affecting the business
Location intelligence startup GeoIQ has raised $2.25 Mn in an equity funding round from Lenskart and existing investors – 9Unicorns and Ecosystem Ventures.
The round also saw participation from Venture Catalysts and angel investors – Kunal Bahl and Rohit Bansal.
The fresh capital will be used for expanding its footprint across the globe, strengthening tech infrastructure and widening its data team.
Earlier in November 2020, GeoIQ raised INR 2.5 Cr from 9Unicorns Venture Capital Fund. The round also saw participation from IPV, Kayenne, and LetsVenture among others.
Founded in 2018 by Devashish Fuloria, Tusheet Shrivastava and Ankita Thakur, GeoIQ has built a data depository that is sourced from over 600 public data centres including satellite imagery. The depository is formulated considering 2000 variables.
Using this data, GeoIQ helps organisations identify consumer patterns. For instance, while buying a product from an ecommerce platform, a consumer puts out his/her address. On the basis of this address, ecommerce companies can ascertain the possibilities of cancellations or returns by the customer.
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GeoIQ’s intelligence has been utilised for risk assessment and fraud prediction in consumer finance and fast commerce players. Additionally, the AI is predicting business potential down to the street level in the retail sector, the startup said in a statement.
GeoIQ claims to help fintech and insurance companies get behavioural indicators for 100% of their users. It further asserts to have grown by 10X in the last 12 months. It currently aims to dive deep into insurance, retail, ecommerce and adtech sectors. It counts Sanofi, Eko Financial, Bounce, and Curefit as its customers.
In 2019, GeoIQ raised an undisclosed amount of funding from IP Ventures for expanding its tech team, improving product development and investing into brand building.
The Growth of India’s Location Intelligence Market
According to an IMARC Group report, the global location intelligence market is expected to reach $33.9 Bn by 2027, showing a CAGR of 15.8% during 2022-2027 while a Gartner report states that Asia-Pacific is one of the fastest-growing regions in this industry.
Data Sutram, which raised $2.07 Mn a few months ago; Attentive, which secured $2 Mn last year; GeoSpoc, which was acquired by Ola in late 2021, are some of the other startups in the location intelligence sector.
Update | 19th May, 7:07 PM IST
The article has been updated to include investor details. Added some details that were previously missing about the geospatial startup, GeoIQ.