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The round also saw participation from angel investor Parampreet Bhasin

The fresh capital will go towards expanding global footprint, product offerings and sales growth

The product focuses on BFSI enterprises to help them derive optimized data outcomes

Data and analytics firm Lumiq, which empowers financial enterprises to make data-driven decisions, has raised $2 Mn in its seed round led by Info Edge Ventures. The seed round also saw participation from Redstart Labs and angel investor Parampreet Bhasin.

Founded in September 2013 by Shoaib Mohammad, Lumiq helps financial and insurance enterprises manage and optimize their data through AI/ML solutions. The plug and play startup has developed over 70 ready to deploy AI/ML data models and is live on 20+ cloud data platforms of financial enterprises. In addition, the company has analyzed over 1 Bn customer interactions and influenced over 100 Mn customer journeys. Its emPower platform, used by Kotak Bank, Max Life Insurance, Pine Labs, U GRO Capital, Bajaj Finserv, among others, streamlines data to derive desired business outcomes.

Lumiq plans to use the fresh funds to enhance its product offerings and sales growth, and expand its global footprint. Before this round, the startup was bootstrapped while expanding its footprint in the US and South-East Asia.

Analysing data can generate business insights that can help BFSI organizations identify, consolidate and filter data to spot monetization avenues and transform customer experiences. It also helps organizations improve business value and operational efficiency. Data analytics tools can consolidate and filter all of this data to draw out the most relevant insights to improve efficiency, profitability and productivity. Some players operating in the data and analytics domain for the BFSI sector include Actify DataLabs, SG Analytics, Amglo Labs, among others.

According to Gartner’s top 10 data and analytics trends for 2021, instead of being a secondary focus, data and analytics is shifting to a core function implying that businesses are realizing the potential of data and analytics to accelerate digital business initiatives.

Shoaib Mohammad, founder, and CEO, Lumiq said, “This [Lumiq’s emPower platform] is enabling enterprises to accelerate and power customer outcomes to deliver digital efficiencies faster with visible difference in less than 100 days of implementation. We are 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.”