NOIDA, India and MUMBAI, India, Oct. 31, 2022 /PRNewswire/ — LUMIQ has raised Rs 44.1 crore or $5.5 million in its Series A spherical led by current investor Info Edge Ventures. In 2022, that is the first spherical of funding for the Data and Analytics firm which builds datastack merchandise and options, with a pure Financial Services and Insurance (FSI) focus.
In this spherical, Info Edge Ventures spearheaded the spherical with Rs 23.41 crore whereas Season Two Ventures and RedStart Labs pumped in Rs 19.51 crore and Rs 1.2 crore respectively. This can be used to additional develop LUMIQ’s presence in international markets – US and SEA, and strengthen their FSI-focused product line.
The firm has raised a complete of $7.5 million to date together with a $2 million seed spherical led by Info Edge Ventures in August final yr. As per Fintrackr, LUMIQ has been valued round at Rs 320 crore or $40 million, put up allotment.
Founded by knowledge technologist Shoaib Mohammad, LUMIQ has developed cutting-edge knowledge stack merchandise and AI ML options – across DataOps, E2E Observability, ML Risk Governance, Self-service analytics – for the FSI house.
Speaking concerning the fund-raise, LUMIQ’s CEO Shoaib Mohammad stated, “Today we are seeing data manageability is a big challenge, with complex ad-hoc data stacks and solutions stitched together loosely. This weak data backbone can have a major impact in terms of data security, quality, auditability, and compliance. The way you manage, ready and leverage your enterprise data determines your organisation’s overall profitability. We want to enable financial enterprises across the globe with best-in-class data engineering practices and data stacks built-for-scale.”
LUMIQ’s flagship product – empOWER FSI Data Platform – allows financial enterprises to handle, leverage, and monetize their knowledge seamlessly. With over 70 ready-to-deploy AI ML knowledge fashions already dwell for 20+ financial and insurance enterprises, the platform has thus far analyzed over 1 billion buyer interactions.
About LUMIQ
LUMIQ is a Data and Analytics firm with confirmed credentials in the Indian FSI house driving large-scale knowledge transformation initiatives for a number of the largest financial enterprises across banking, insurance, NBFCs, AMCs in India. Since 2020, LUMIQ has grown 2X YoY not too long ago doubling in headcount to ~350 knowledge professionals, with new workplaces in Noida, Chennai, Pune, and New Jersey.
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