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Bangalore-based IQLECT, which operates in big data and analytics space has raised $2 Mn (INR 12 Cr.) in a round from Exfinity Venture Partners. This is Exfinity Venture’s first investment in the analytics space. The funds will be used in rapid expansion.
Founded in 2012 by Sachin Sinha, IQLECT is building a hardware-software converged platform to provide data insights in real time and aims to provide products and solutions in the data space. It helps companies to leverage big data to drive dynamic and effective decision making by integrating data insights with the business in real time.
IQLECT will offer the platform as a cloud-based service and also be shipped as a converged box. The convergence of all necessary software and hardware in one box makes the proposition highly scalable, cost effective, easy to integrate and accelerates time to market for enterprises.
On this development, Sachin Sinha, founder of IQLECT, said, “Explosion of data and advances in data analytics are changing the way businesses compete, requiring them to make faster and better decisions based on real-time analysis. However, implementing real-time big data analytics is challenging, requiring the IT organisations to assemble team of high-calibre resources to implement critical solutions based on fully or partly open-source software that do not always meet enterprises’ requirements.”
In this space, Axtria, a big data analytics service provider recently raised about $30 Mn in Series C round led by Helion Venture along with Silicon Valley venture capitalist ‘Desh’ Deshpande.
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