Artificial Intelligence (AI) start-up Innefu Labs has raised $2 million in Series A funding from IndiaNivesh Venture Capital Fund. IndiaNivesh has invested the amount in exchange for a minority stake in the company.

The transaction was facilitated by Sweat Equity Partners.

“We are a completely ‘Made in India’ company providing indigenous products solutions to our customers in India and abroad. Our products have been developed using cutting edge technologies to provide customised solutions. We have the right blend of domain expertise with tech knowhow to compete with the best in the world,” Abhishek Sharma, Co-founder at Innefu, said.

The New Delhi-based start-up was founded in 2011 by young technopreneurs Tarun Wig and Abhishek Sharma. Innefu has been continuously working on its AI prowess to develop innovative frameworks in Biometrics Authentication and predictive intelligence for governments, public undertaking, corporates and law enforcement agencies.

The company counts among its client base major government institutions and intelligence agencies, including DRDO, Border Security Force (BSF) and CRPF, apart from corporates like Mahindra & Mahindra.

The funds raised by Innefu Labs will be primarily used to enhance its AI platform that is effectively supporting various law enforcement agencies for predictive intelligence and facial biometrics. The company intends to invest this fund for talent acquisition and market expansion. The funding will also play a strategic role in Innefu’s entry into Bangladesh and Sri Lanka, which is their next big move.

rajesh.kurup@thehindu.co.in

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