GeoIQ, a hyperlocal performance prediction company has raised $2.25 million from Lenskart, along with its existing investors – 9Unicorns & Ecosystem Ventures.
The startup plans to use the funds to expand into international geographies, strengthen its proprietary data stack, and leverage communities of data scientists to build diverse AI models.
The Bengaluru-based GeoIQ was founded in 2018 by Devashish Fuloria, Tusheet Shrivastava and Ankita Thakur, It uses proprietary algorithms to layer government data with other 600+ reliable public sources and satellite imagery to form a 100m x 100m geospatial grid.
“One of the most interesting use cases of this intelligence is in top-of-the-funnel user-segmentation. Just an address is helping our customers in fintech and insurance get behavioural indicators for 100 percent of their users,” said, Devashish Fuloria, CEO, GeoIQ.
“Last 12 months have been phenomenal for us. 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”, he added.
Its intelligence is involved in risk assessment and fraud prediction in consumer finance and increasingly commerce players are looking to such services to enhance their customer profiling and segmentation.
Apart from this, the startup is also anticipating the possibilities of doing street level business in the retail sector. By providing intelligence through ready-to-plug APIs, the company is helping customers to enhance their decision-making system in an instant.
“While fintech is the major contributor to the company’s business, it plans to go deeper into insurance, retail, ecommerce 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 very keenly looking at such markets”, said, Tusheet Shrivastava, co-founder and CTO of GeoIQ.
“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”, Said, Peyush Bansal, Co-Founder and CEO of Lenskart.
In November 2020, GeoIQ had raised Rs 2.5 crore in seed funding round from 9Unicorns.
GeoIQ is a locational intelligence platform that tells the value of each location – people, their behaviours, businesses, and potentials – as easily consumable layers on maps.