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Financial analytics startup Aureus Analytics has raised over INR 5 Cr. ($850,000) in an angel round of funding on the online funding platform LetsVenture.

The round was led by Steven Sule, partner in investment firm Naste Advisors, along with participation of Rajan Anandan, Murugappa group scion Arun Venkatachalam, Amit Patni and Arihant Patni.

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Aureus Analytics is a provider of advanced Big Data Analytics platform and products for the Insurance, Banking and Healthcare industry. It brings together the four essential pillars that are required for a successful Big Data Analytics solution – Deep Domain Skills, Big Data Capabilities, Data Sciences skills and Analytics expertise.

A few of Aureus’ customers include Bharti AXA Life Insurance, Aegon Religare Life Insurance and General Insurance Council of India.

“There is massive opportunity in insurance for big data products. The first product from Aureus, focused on churn reduction, is a powerful solution and the early traction is encouraging,“ said Rajan Anandan to ET.

Headquartered in Singapore with a R & D team in Mumbai, Aureus was founded in 2013 by former BFSI software specialists Anurag Shah, Ashish Tanna and Nitin Purohit.

A few other startups that have recently raised funding on LetsVenture include AdPushup, TestBook, Tydy, among others.

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