[Funding alert] Pune-based Keito raises seed round from LetsVenture, others
Pune-based enterprise AI startup Keito has raised an undisclosed amount in a seed round from LetsVenture, SumaSoft Pvt Ltd, Rajesh Agarwal, CEO of SP Investments; lifestyle investor Jaideep Sippy; angel investor Nandkishore Mundada; Gautam Ramchandani, Former SP Group & Marcomm Consultant; Hemant Uttam Selmokar from Infosys; Yogesh Veerkumar Parulekar, Former Head of Visual Analytics, LTI; and SadaSiva Swamycharan Avunooru, Director of Data & Analytics, Columbus.
According to the official statement, the startup had raised its previous seed round in January 2020. With this round, Keito has raised a total of $360,000 across its seed rounds to date.
In a statement, Keito said the funding will be used for building new products, sales processes for US expansion, and supply fulfillment. The startup is also in talks to raise another larger seed round to fund its sales, customer success, and creating market awareness.
“Our team and customers have played a key role in ensuring that we are focused on addressing the problem of having reliable information from existing islands of data within a business. That has helped us refine our fundamentals, approach, and vision," said Amal PS, CEO and Co-founder of Keito.
"Until now, we were focused on understanding the true potential and need for having an information management system within each enterprise. These foundations and depth have helped us define an out-of-box experience for our customers,” he added.
Founded in 2016 by Amal, Keito provides a no-code intelligent information management platform. The startup has two products - Capture and Ira, helping enterprises to maximise performance. It is aimed at providing a low code platform, configurable with enterprise-grade security, reliability, and scalability for businesses.
The startup claims to have clients from India, the US, Singapore, Hong Kong, Japan, and the Middle East.
“Some of our marquee customers are Automation Anywhere, Govt of India, and Mercari to name a few. The total data processed within the platform has crossed three million last year. We are looking to process more than 10 million data by the end of 2021,” the company said in a statement.
The startup is now working to build a simple business process management software that will connect information management systems quickly by automating and analysing their process.
Sunitha Ramaswamy, President, Early Stage, LetsVenture, said in a statement: “While we all are bracing the current pandemic situation, it has also made business relook at the automation strategies. While data is the key for any business today for their growth, which is available across various channels today, sourcing the right data from a reliable source has always been a challenge"
"Keito Works is addressing this challenge that will enable businesses to grow at a faster pace. We are also excited to see data processing market creating a unique and niche segment of its own in the near future,” she added.