Bengaluru-based hyperlocal performance prediction company GeoIQ has raised $2.25 million from Lenskart, along with its existing investors – 9Unicorns & Ecosystem Ventures. The funding comes after a post-covid industry wide shift in using location intelligence to accelerate business growth.
The fresh funding will allow the location AI company to expand into international geographies, strengthen its proprietary data stack and leverage communities of data scientists to build diverse AI models.
Founded by Devashish Fuloria, Tushneet Shrivastava and Ankita Thakur, GeoIQ utilizes proprietary algorithms to layer government data with other 600+ trusted public sources and satellite imagery into generating 100m x 100m geospatial grids. The AI layer on top uses these data points to predict user behaviours, affluence and business potential at an address/lat-long.
“One of the most interesting usecases of this intelligence is in top-of-the-funnel user-segmentation,” Devashish, CEO at GeoIQ, says. “Just an address is helping our customers in fintech and insurance get behavioral indicators for 100% of their users.
GeoIQ’s intelligence has been incorporated into risk assessment and fraud prediction in consumer finance and fast commerce players, which have been looking for such services to enhance their customer profiling and segmentation. Additionally, the AI is also predicting business potential down to the street level in the retail sector. Delivering the intelligence via ready-to-plug APIs, the company is helping clients scale up their decision systems instantly.
Devashish mentions, “Last 12 months have been phenomenal for us. Our business is experiencing hockey stick growth, thanks to our dedicated team of data scientists, and our investor board at Ecosystem Ventures, which has played an instrumental role in our growth journey and helped scale to 10x revenues in the past 12 months. Being in the business of prediction, the next 12 months look even more promising.”
Commenting on what lies ahead, co-founder and CTO Tusheet adds, “Today, the major contribution to our business comes from Fintech. We have plans to go deeper into Insurance, Retail, E-Commerce and AdTech. The next phase of our growth journey will entail vertical expansion; we are witnessing a growing demand from data teams in geographies such as the US. We are very keenly looking at such markets.”.”
Ecosystem Ventures’ Co-Founder Abhijeet Bhandari who has been supporting GeoIQ for the past 2 years says, “We’re happy to be an integral part of GeoIQ and to support them through their critical business decisions and fundraise. We are anticipating their multi-fold growth.”