Funding to be utilized by Lumiq to augment its products and geographic expansion
Lumiq, a data, and analytics company that powers data-driven decision-making for financial enterprises on Tuesday announced to have raised $2 million Seed round funding led by Info Edge Ventures. The round also saw participation from Redstart Labs and angel investor Parampreet Bhasin.
Lumiq plans to utilize the funds in the company’s sales growth, enhancing product offerings as well as expanding its global footprint.
Lumiq has developed over 70 ready-to-deploy AI/ML data models and is live on 20+ cloud data platforms of financial enterprises. The company has so far analyzed over 1 Bn customer interactions and influenced more than 100 Mn customer journeys. The company has long-term trusted partnerships with more than 30 customers with an impeccable track record of zero churns. Over the last 6 months, their emPower platform has also received great adoption in overseas markets like the US, and South-East Asia.
“With the pace of digital transformation accelerating faster than ever before, managing data effectively is now one the biggest challenges for enterprises. Lumiq closely works with some of the most reputed financial institutions in India and overseas helping them implement modern DataOps techniques. Many of these enterprises further connect with Lumiq’s plug-and-play suite of SaaS products to bring in further efficiencies in their data. With the team’s expertise around data science and data engineering, they have been able to achieve over 100 per cent y-o-y growth consistently while remaining bootstrapped and we hope this round of funding helps them accelerate their plans,” said Kitty Agarwal, partner, Info Edge Ventures.
“According to Gartner’s Top 10 Data and Analytics Technology Trends for 2021, data and analytics are shifting to a core business function instead of being a secondary activity. Modern data stacks have become mainstream enabling API-based connectivity with a multitude of collaborative tools and business intelligence tools. Lumiq’s emPower platform provides Cloud-native, AI solutions, and accelerators for the financial service providers that boost customer experience and enhance business productivity. This is enabling enterprises to accelerate and power customer outcomes to deliver digital efficiencies faster with visible differences in less than 100 days of implementation. We are really excited to partner with Info Edge Ventures as this association will help us expand our product portfolio as well as take our sales and operations to the global market,” added Shoaib Mohammad, founder, and chief executive officer, Lumiq.
Lumiq is on the mission to make financial enterprises manage their data better. Currently, the data pipelines of most financial enterprises are broken and their data lives in silos. This results in inefficient and suboptimal utilization of a vast pool of data which, when managed better, can provide invaluable insights to the institutions. Lumiq’s emPower data platform with its inbuilt data models enables financial enterprises in the banking and insurance sectors to activate and monetize their data.