Lenskart leads $2.25 million funding round in location intelligence startup GeoIQ
GeoIQ, a location intelligence startup, has secured $2.25 million in funding from Lenskart, an omni-channel eyewear retailer. Existing investors 9Unicorns and Ecosystem Ventures also participated in the round.
The new capital will enable the location AI firm to expand globally, develop its unique data stack, and build various AI models by leveraging communities of data scientists.
GeoIQ, founded by Devashish Fuloria, Tushneet Shrivastava, and Ankita Thakur, layers government data with 600 public sources and satellite imagery using proprietary algorithms. These data points are used by the AI layer on top to estimate user behaviour, wealth, and business possibilities at a given address/lat-long.
“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 10 times revenues in the past 12 months. Being in the business of prediction, the next 12 months look even more promising,” Fuloria, CEO at GeoIQ, said.
“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," Ecosystem Ventures’ cofounder Abhijeet Bhandari said.
The new capital will enable the location AI firm to expand globally, develop its unique data stack, and build various AI models by leveraging communities of data scientists.
GeoIQ, founded by Devashish Fuloria, Tushneet Shrivastava, and Ankita Thakur, layers government data with 600 public sources and satellite imagery using proprietary algorithms. These data points are used by the AI layer on top to estimate user behaviour, wealth, and business possibilities at a given address/lat-long.
“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 10 times revenues in the past 12 months. Being in the business of prediction, the next 12 months look even more promising,” Fuloria, CEO at GeoIQ, said.
“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," Ecosystem Ventures’ cofounder Abhijeet Bhandari said.
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