The funds have been earmarked for research and development, marketing and sales acceleration
Immensitas Pvt. Ltd informed on Tuesday that it has raised INR 6.30 crore in Pre-Series A round led by Artha Venture Fund (AVF), India's first early-stage micro-VC fund. The round also saw participation from Ramakant Sharma’s LogX Ventures.
The funds will be utilised by Immensitas’ offering Lemnisk, an enterprise customer data, and marketing automation platform, based in Bengaluru. This investment is AVF’s eleventh from its recently closed INR 225 crore micro-VC fund.
Lemnisk claims to have witnessed a 250 per cent growth since October 2020, and the platform processes around 475 million customer profiles monthly, providing up to a 30 per cent lift in digital revenues.
“Customers have come to expect every brand and service provider they engage with to offer the same level of personalization that they get from their e-commerce or OTT providers. Before COVID-19, there was already a growing demand for real-time personalization across every customer touchpoint. COVID-19 has only accelerated this trend further, as enterprises recognize they will quickly be left behind if they aren’t delivering experiences that exceed customer expectations,” said Subra Krishnan, co-founder and chief executive officer, Lemnisk.
The last decade has seen data privacy concerns come to the fore with governments across the world take it seriously through GDPR, CCPA, and other policy frameworks. In this context, Lemnisk helps marketers stay future-ready by proactively taking charge of their customer data and build a trusted relationship with their customers.
“In a world where customers engage with brands across multiple channels for buying and inquiring, identifying the customer across channels is difficult due to customer data and privacy challenges. We were impressed by the team at Lemnisk and how they have leveraged new-age technologies to help marketers take charge of their data. Moreover, the Lemnisk platform could bring together multiple high volumes, high-velocity data sources together, understand individual user interaction patterns and deliver highly scaled and personalized multi-channel experiences in real-time. Rinku, Praveen, and Subra form a perfect founding team with complementary skills. They have an ambitious and global vision and are in the right space at the right time. We are thrilled to have them join the AVF family,” added Anirudh A Damani, managing partner, Artha Venture Fund.
Lemnisk has a list of customers including AIA Insurance, Emirates NBD Bank, Citibank, Abu Dhabi Commercial Bank, Bajaj Finserv, Acko Insurance, and Livspace among others. It has offices in Singapore, Dubai, and Bengaluru and will use a part of these funds to open the US market.