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Rubix Data Sciences, a technology and analytics-based B2B risk management and monitoring platform, on Monday, announced that it has raised Rs 6.2 crore in its seed round of funding.

The round saw participation from institutional investor Cactus Venture Partners, family offices, and high net worth individuals (HNIs).

According to the official statement, the fresh fund will be used to enhance the technology and analytics capabilities of the Rubix Automated Risk Management and Monitoring System (ARMS) platform.

Launched in 2018, Rubix’s platform and its suite of risk scores, reports, products, and services are based on its extensive database of structured and unstructured data aggregated from over 120+ sources, customised predictive analytics and proprietary technology.

Through its solutions, Rubix provides deep insights to Credit, Risk, Supply Chain and Compliance professionals, facilitating quicker and more effective decision-making.

Speaking about its development, Mohan Ramaswamy, Co-Founder and CEO of Rubix Data Sciences, said,

“As COVID-19 impacts the global economy, it has also enhanced the credit and fraud risk faced by businesses worldwide. This volatile environment has created new challenges for businesses in assessing and monitoring the financial risk of customers, distributors, dealers, suppliers and other third parties in India and overseas.”

“Businesses are currently facing higher than the normal financial risk from their third-party relationships and need to address this immediately. Our aim is to enhance our proprietary technology and analytics platform that delivers deliver risk assessment, scoring and monitoring services to our clients,” he added.

According to the press statement, Rubix has been recognised as part of the ‘Startup India’ scheme by the Department of Industrial Policy & Promotion (DIPP), Government of India, in 2018. 

It has over 200 customers from the banking, credit insurance and corporate sectors, the company stated.

These customers use the Rubix Automated Risk Management & Monitoring System (ARMS) Platform to take prudent Credit, Supplier and Compliance Risk decisions about their counterparties in India and overseas.