Lumiq, a data and analytics company that powers data-driven decision-making for financial enterprises, has raised $2 million in seed funding led by Info Edge Ventures. The round also saw participation from Redstart Labs and angel investor Parampreet Bhasin.
Lumiq plans to utilise the funds for the company’s sales growth, to enhance product offerings, and expand the global footprint.
Kitty Agarwal, Partner at Info Edge Ventures, said,
“With the team’s expertise around data science and data engineering, Lumiq has been able to achieve over 100 percent YoY growth consistently while remaining bootstrapped. We hope this round of funding helps them accelerate their plans.”
Lumiq is on the mission to help financial enterprises manage their data better.
Currently, data pipelines of most financial enterprises are broken and their data lives in silos. This results in an 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 monetise their data.
The startp 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 analysed over one billion customer interactions and influenced more than 100 million customer journeys.
The company has long-term partnerships with more than 30 customers with an impeccable track record of zero churn.
Over the last six months, the emPower platform has also received adoption in overseas markets like the US and South-East Asia.
Shoaib Mohammad, Founder, and CEO, Lumiq, said,
“According to Gartner’s top 10 data and analytics technology trends for 2021, data and analytics is 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.”
He further added, “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 difference 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.”