Bengaluru-based location intelligence platform GeoIQ has raised an undisclosed amount of funding from IP Ventures, a Gurgaon-based venture capital fund that invests in early-to-mid stage startups.
GeoIQ allows firms to make critical business decision based on location intelligence or data points derived from geospatial information. It already has a client base of over 25 companies and startups across retail and logistics including Sanofi, Eko Financial, Bounce, Curefit among others.
Founded in 2018 by IIT-Kanpur graduates Devashish Fuloria, Tusheet Shrivastava, and Ankita Thakur, GeoIQ founders have a combined experience in tech startups and consulting firms. Since its inception, GeoIQ has built a repository of granular data from multiple sources and now claims to have granular demographic information on 500 million grids (100x100m) across India.
“For an enterprise product like ours, the access to the right set of people is paramount. IP Ventures brings together an excellent group of people, with experience across major industry sectors who provide direct assistance on how to tailor our product as per the industry needs," said Fuloria, co-founder of GeoIQ in a statement on Wednesday.
“The process of raising funds was rigorous, transparent, and most importantly from a founder's perspective ultrafast as well. We intend to utilize the funds to hire tech team members, product development and focused marketing," added GeoIQ’s chief data scientist co-founder Thakur.
Speaking on his investment in the startup, IP Ventures angel investor Rajeev Pandiya said that “In a slowing economy, this (GeoIQ) can be a competitive advantage for senior management trying to gain market share as well as get real-time accurate data to keep a check on sales teams’ expenditures justifying wasteful promotion schemes, incentives etc."