Data automation platform Immensitas Pvt Ltd has raised $2.3 million (Rs 17.25 crore) in a Pre-Series A1 round co-led by Growx Ventures, Artha Venture Fund and DSP Investment Managers Pvt Ltd, the company said in a statement on Thursday.
The round also saw the participation of LogX Ventures and Atrium Angels, the ISB alumni-sponsored micro-venture capital (VC) fund.
The company said the fresh funds will be used to improve and strengthen the capabilities and features of Lemnisk, Immensitas’ product offering, and to expand into new markets.
“This new round allows us to continue building on our ambitious vision of offering a platform that allows marketers to not just centralise customer data, but also quickly act on real-time intelligence. Unlike other players who seek to rip and replace large marketing clouds, our approach is to help customers extract a better outcome from their existing investments”, said Subra Krishnan, CEO at Lemnisk.
In July this year, Immensitas had raised a round from Artha Venture Fund (AVF) and LogX Ventures.
Lemnisk’s customer data platform led personalisation and real-time marketing automation solutions to enable enterprises to stitch customer data across disparate data sources and activate them across multiple marketing channels and customer touchpoints, the release said
Currently, Lemnisk has customers like AIA Insurance, Emirates NBD Bank, Citibank, Abu Dhabi Commercial Bank, Bajaj Finserv, Acko Insurance and Livspace. It has offices in Boston, Singapore, Dubai, and Bengaluru.
Anirudh A Damani, Managing Partner at Artha Venture Fund, said the current round marks a 10x growth in their initial investment in under eight months.
Artha Venture Fund (AVF) is backed by Singularity Holdings, and the family office of former BSE Director Ashok Kumar Damani.
Founded in 2012, Artha India Ventures (AIV) is the alternative investment arm led by Anirudh a Damani. AIV started raising AVF in 2018, and marked a second close at Rs 100 crore in 2019.
So far, the firm has invested in over 85 startups across India, the US, and Israel. Their portfolio includes Agnikul, LenDenClub, HobSpace, PiggyRide, Daalchini, Kabbadi Adda and others.
Earlier in March, AVF led a seed funding round in recruiting platform GetWork, which was its tenth investment.
Recently, in an interaction with VCCircle, Damani spoke about the rise of family offices in India, his investment strategy, and recent trends in angel investing.
Two months ago in September, it launched Artha Access, through which plans to invest in pre-Seed funding rounds via its associations with multiple accelerators across the country.