[Funding alert] Location Intelligence startup GeoIQ raises undisclosed amount from IP Ventures

Bengaluru-based location Intelligence platform, GeoIQ, has raised an undisclosed amount of funding from IP Ventures. 

Founded in 2018 by Devashish Fuloria (CEO), Tusheet Shrivastava (CTO) and Ankita Thakur (Chief Data Scientist), GeoIQ has over 25 clients across retail and logistics including Sanofi, Eko Financial, Bounce, Curefit, etc. The startup said it has already established itself in the space of location intelligence based on multiple data sources.

Ankita said,

“We intend to utilise the funds to hire tech team members, product development, and focused marketing.”

The founders come with startup domain and consulting experience, as well as expertise in ML & AI having solved large data problems in their previous roles. 

ALSO READ

[Funding alert] AI enterprise data platform Resonance raises undisclosed investment from IP Ven...

Devashish said, “For an enterprise product like ours, the access to the right set of people is paramount. IP Ventures brings together an excellent group of people, with experience across major industry sectors who provide direct assistance on how to tailor our product as per the industry needs."

A recent report by Gartner states that the location intelligence global industry is pegged to be at $25 billion by 2025. While North America is the largest market, APAC is the fastest-growing region.

Tusheet said, “A strong blend of ML capabilities, data engineering, geo-spatial expertise and a state-of-the-art product is driving GeoIQ. With this unique set, we have married client data with satellite imagery and government data with ridiculous ease.” 

This September, IP Ventures had also backed two startups including esports gaming platform SoStronk and a social health enterprise iKure Techsoft Pvt Ltd.

Speaking on his investment, IP Ventures angel investor Rajeev Pandiya said, 

“GeoIQ offers real-time solutions to help allocate resources towards the real Target Customer Group in a cost-efficient manner. In a slowing economy, this can be a competitive advantage for senior management trying to gain market share as well as get real-time accurate data to keep a check on sales teams’ expenditures justifying wasteful promotion schemes, incentives etc.”

(Edited by Megha Reddy)

ALSO READ

[Funding alert] IP Ventures invests in Leben Care, an AI startup fighting avoidable blindness