Delhi-based artificial intelligence startup Innefu Labs has raised $2 Mn Series A funding from IndiaNivesh Venture Capital Fund. With this move, IndiaNivesh will also acquire a minority stake in the company. IndiaNivesh is a $23 Mn fund that has invested in about five startups so far.
Founded in 2011 by Tarun Wig and Abhishek Sharma, Innefu is a research-oriented information security consulting group specialising in meeting these needs of the consumers. It serves clients from diverse industry verticals – including law enforcement, BFSI, BPOs/KPOs, ecommerce, IT/ITES, education, telecom etc.
The startup will primarily use funds to enhance its AI platform for predictive intelligence and facial biometrics. Apart from this it intends to invest this fund for talent acquisition and market expansion. The funding will also play a strategic role in Innefu’s entry into Bangladesh and Sri Lanka.
Talking about the product, co-founder Abhishek Sharma said, “We are a completely ‘Made in India’ company providing indigenous product solutions to our customers in India and abroad. We have the right blend of domain expertise with tech know-how to compete with the best in the world.”
In December 2016, Microsoft Ventures launched a new fund for investment in AI companies focussed on inclusive growth and positive impact on the society. In January 2017, Delhi-based Kratikal, an end-to-end cyber security solution provider, raised an undisclosed amount of Seed funding from Amajit Gupta (former director of Microsoft India) along with Praveen Dubey (co-founder Mutual PR) and J.P. Bhatt (co-founder and Chief Executive of ImpactQA).