Mumbai-based vPhrase Analytics Solutions Pvt Ltd has raised an undisclosed amount in seed funding led by angel investors Apoorv Ranjan Sharma and Daud Ali from investment platform Venture Catalysts.
Venture Catalysts' angels, including Anil Jain, Anuj Golecha, Anirudh Damani, Vishal Maheshwari, Nitin Aggarwal, Mayank Shah, Jayesh Shah, and Anand Ladsariya participated in the funding round.
Anil Chokhani, from Canada-based Zone Startups, an accelerator for early-stage companies, invested in the seed funding round. Canada-based Zone Startups' founder Matt Saunders will join the team at vPhrase as an angel observer.
Founded by Neerav Parekh, vPhrase runs an artificial intelligence-based data analytics platform and helps businesses make their reports more easier to comprehend. vPhrase’s patent-applied platform, Phrazor, analyses data, derives insights and then communicates those insights, in words, in multiple languages.
The platform is partially funded by Centre for Innovation Incubation and Entrepreneurship (CIIE) at the Indian Institute of Management, Ahmedabad (IIM-A).
vPhrase is already working with two private Indian banks besides a bunch of other companies in insurance, brokerage, media and engineering space.
“With its AI-enabled data analytics and insight delivery, vPhrase was the perfect candidate for the seed investment. We are confident that vPhrase will set an example of sustainable startup growth which will use pure technology play as a growth driver instead of depending upon marketing and other customer acquisition like so many of today’s unicorns," Ali said.
The move to grant seed funding to vPhrase follows the recent seed investments into ConfirmTkt and Siftr by Venture Catalysts.
Several startups have managed to raise funding in the data analytics segment. Last month, ActOnMagic raised seed investment led by NetMagic's co-founder Jayabalan Subramanian.
Last year, Ratan Tata invested in two data analytics firm, including Jungle Ventures-backed big data analytics startup Crayon Data and predictive marketing and analysis company Infinite Analytics.