GeoIQ raises $2.25 million in funding from Lenskart and others
- ByStartupStory | May 20, 2022
GeoIQ, a location intelligence startup, has raised $2.25 million from eyewear giant Lenskart and its existing investors like 9Unicorns and Ecosystem Ventures. The fresh funds raised will be utilised in the expansion of the AI firm globally, and also develop its unique data stack as well as build several AI models by influencing communities of data scientists.
The Bengaluru-based firm was founded in 2018 by Devashish Fuloria, Tushneet Shrivastava and Ankita Thakur, layers government data with the help of 600 public sources and satellite imagery by using proprietary algorithms. These data points are used to estimate user behaviour and wealth along with the business possibilities.
Devashish Fuloria, the CEO at GeoIQ said that the business is experiencing hockey-stick growth and it would not be possible without the hard work of the data scientists team and the investor on board at Ecosystem Ventures which has altogether played a pivotal role in growing and scaling the revenue to 10 times in the past one year. He also added that the future of the firm is even more bright.
Abhijeet Bhandari, the co-founder of Ecosystem Ventures said that the company is happy to become an integral part of GeoIQ and become the support system through critical business decisions and fundraising. He concluded by saying that the company is anticipating the multi-fold growth of GeoIQ.
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