CIIE-IIMA incubatee FORMCEPT raises Series A funding from GVFL

FORMCEPT Technologies and Solutions Pvt. Ltd., an incubatee of the Centre for Innovation, Incubation and Entrepreneurship (CIIE)-IIM Ahmedabad, on Tuesday, announced raising an undisclosed amount of Series A funding from GVFL Ltd, a pioneer venture capital fund in India.

CIIE had a major head-start in cognitive data analytics when it incubated FORMCEPT. Co-founded by Suresh Srinivasan and Anuj Kumar, FORMCEPT is a unified data analysis platform that helps enterprises get actionable insights from their data faster.

Srinivasan said, with the infusion of capital from GVFL, the firm is all set to accelerate growth by going global. “Our product is already proven with a handful of Fortune 1000 clients. We would now expand our technology team in India and cater to international markets where our solutions have immense potential.”

GVFL has invested in FORMCEPT through its recent GVFL Startup Fund, a technology and innovation fund looking to support startups with a scalable business model that have demonstrated revenue growth and cater to a large market need.

Sankalp Bajpai, Vice President, Investments, GVFL Ltd, will be joining the board of FORMCEPT.

Sanjay Randhar, Managing Director, GVFL Ltd, said enterprises will immensely benefit from having a unified data analytics platform that can perform real time analytics on both structured and unstructured data.

Known for nurturing its investee startups with mentoring and support, the portfolio team of CIIE played an active role in mobilising this round for FORMCEPT, according to a statement here.

Among others, FORMCEPT recently worked with ESPN Cricinfo for which it has developed an end-to- end, comprehensive query-enabled platform that enables access to searchable cricket big data and statistics in a user-friendly manner.

CIIE is the technology business incubator based at the IIMA, aiming to help India’s budding entrepreneurs set up innovative, disruptive and scalable ventures through mentoring, incubation, advising and funding initiatives. In addition, it also engages in research into industry trends and best practices through its networks, connections and partnerships with the IIMA community, mentors, investors and other stakeholders in the entrepreneurial ecosystem of India and abroad.

FORMCEPT is a Unified Data Analysis platform that helps enterprises to get actionable insights from their data faster, thereby significantly reducing the time taken to convert data into decisions. It integrates cloud technology, machine learning, big data analytics and Internet of Things to create a framework having applications across a range of problems.

GVFL Ltd is a pioneer VC in India, founded in 1990 at the initiative of World Bank. It has supported ventures working on cutting-edge technology as well as encouraged entrepreneurs with innovative ideas. Over the past two decades, GVFL has raised eight venture capital funds which have supported over 80 companies. Leveraging full investment lifecycle experience in startup investing, GVFL had launched ‘GVFL Startup Fund’ to focuses on scalable, innovative business models across sectors which use technology as an enabler or differentiator and are backed by credible teams.

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