India Innovation Fund invests in IIT Bombay research spin-off, iKen Solutions
iKen Solutions Private Limited, an IIT Bombay research spin-off has received funding from India Innovation Fund (IIF). Co-promoted by Dr.Rajendra M. Sonar, a professor at IIT Mumbai and serial entrepreneur Siddharth Goel, iKen Solutions has developed Mooga, a state-of-the-art hybrid artificial intelligence analytics framework for personalization at the individual consumer level in real time. The technology will enable consumer centric companies in Telecom, Digital Content Delivery, Media, Internet, and Banking and Financial Services provide a high degree of personalised service to their customers.
Mooga can integrate into any web service, application, or access interface that aims to deliver personalisation at an individual level. With algorithms that combine multiple artificial intelligence techniques, it overcomes prevalent challenges in content discovery; treating individual customers according to their personal tastes and behaviours; monetizing content; reducing customer churn and carrying highly targeted campaigns.
Sharad Sharma, former CEO, Yahoo R&D, India, and Ashwin Raguraman, Vice President, IIF will join the board of iKen Solutions as India Innovation Fund nominees.
Siddharth Goel, Chief Executive Officer, iKen Solutions said, “By providing real time personalisation at the individual level, Mooga brings a paradigm shift in the way markets will treat customers. From a ‘great to have’ technology, personalized analytics has emerged as a ‘must have’ technology. The investment from IIF will help us scale our execution capability and at the same time help leverage collaborative linkages and access markets.”
Ashwin Raguraman, Vice President, India Innovation Fund said, “Providing unique customized experience to a consumer will be the cornerstone around which businesses will differentiate themselves. iKen Solutions’ analytics platform, developed over years of research, will help industries catalyze business transformation to benefit customers. iKen is already working with strategic partners of our Fund. iKen’s solutions being relevant across multiple sectors, we see its engine powering multiple internet, mobile and financial service businesses in the days to come.”