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Bengaluru-based location AI company GeoIQ has raised $2.25 million from Lenskart and existing investors 9Unicorns and Ecosystem Ventures.
The company will use the funding to expand into international geographies, strengthen its proprietary data stack and leverage communities of data scientists to build diverse AI models.
Founded by Devashish Fuloria, Tushneet Shrivastava and Ankita Thakur, GeoIQ uses proprietary algorithms to layer government data with over 600 trusted public sources and satellite imageryto generate 100m x 100m geospatial grids. The AI layer on top uses these data points to predict user behaviour, affluence and business potential at an address.
“One of the most interesting use-cases of this intelligence is in top-of-the-funnel user-segmentation,” said Fuloria, CEO at GeoIQ.
GeoIQ’s input has been incorporated into risk assessment and fraud prediction in the consumer finance and fast commerce space, the company said.
“Additionally, AI is also predicting business potential down to the street level in the retail sector. Delivering the intelligence via ready-to-plug APIs, the company is helping clients scale up their decision systems instantly,” it said.
Shrivastava, the company’s CTO, said, “Today, a major contribution to our business comes from fintech. We have plans to go deeper into insurance, retail, e-commerce and adtech. The next phase of our growth journey will entail vertical expansion; we are witnessing a growing demand from data teams in geographies such as the US. We are keenly looking at such markets.”
Fuloria added, “Our business is experiencing hockey stick growth, thanks to our dedicated team of data scientists, and our investor board at Ecosystem Ventures, which has played an instrumental role in our growth journey and helped scale to 10x revenues in the past 12 months. Being in the business of prediction, the next 12 months look even more promising.”
Ecosystem Ventures’ Co-Founder Abhijeet Bhandari said, “We’re happy to be an integral part of GeoIQ and to support them through their critical business decisions and fundraise. We are anticipating multi-fold growth.”
Peyush Bansal, Co-Founder and CEO of Lenskart, said, “With GeoIQ’s technology, Lenskart will be opening more omni-channel stores globally with 50 per cent better return on invested capital and five times the speed of a normal opening. Through this funding, we also want to help facilitate GeoIQ’s ambition of becoming a world-class geo-analytics company in the long run.”
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