Data analytics startup FORMCEPT Technologies and Solutions Pvt. Ltd has raised an undisclosed amount in its Series A funding from venture capital firm GVFL Ltd, it said in a statement.
Co-founded by Suresh Srinivasan and Anuj Kumar, FORMCEPT is a unified data analysis platform that helps enterprises get actionable insights from their data. Its flagship product, MECBOT, is an open cognitive platform that enables seamless integration and interaction of data analytics, deep learning, artificial intelligence (AI), predictive analytics and Internet of Things (IoT) that will improve an enterprise’s output efficiencies, monitoring, and resource management.
It offers a unified interface for storing and querying datasets in addition to providing batch and stream processing as well as interactive analysis to enterprises.
Srinivasan worked with IBM, HP and Oracle previously while Kumar was associated with Oracle before launching the startup.
“With the infusion of capital from GVFL, we are set to accelerate growth by going global. Our product is already proven with a handful of Fortune 1000 clients. We would now expand our technology team in India and cater to international markets where our solutions have immense potential,†Srinivasan said.
Its clients include ESPN Cricinfo, Monster, enKra Instruments and First Media.
FORMCEPT was incubated at IIM Ahmedabad’s Centre for Innovation Incubation and Entrepreneurship (CIIE).
GVFL, earlier known as Gujarat Venture Finance Ltd, invested through its Rs 250-crore GVFL Startup Fund. The VC firm made its maiden investment from the fund in security solutions startup Sequretek IT Solutions Pvt. Ltd.
As part of the investment, Sankalp Bajpai, vice president, Investments at GVFL, will be joining the board of FORMCEPT.
GVFL, which is considered to be one of the oldest venture capital firms in the country, claims to have raised eight venture capital funds so far and supported more than 80 companies, including cold-storage provider Schedulers Logistics and online bus booking platform Travelyaari.
"As the explosive growth of data generation continues across industries, enterprises will immensely benefit from having a unified data analytics platform that can perform real-time analytics on both structured and unstructured data. We believe FORMCEPT’s product will deliver this value proposition to enterprises and help drive faster data analytics to gain better ROI," said Sanjay Randhar, managing director, GVFL.