Bengaluru-based hyperlocal performance prediction company GeoIQ has raised $2.25 million from Lenskart, along with its existing investors - 9Unicorns & Ecosystem Ventures.
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 utilises 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 behaviour, affluence and business potential at an address level.
“One of the most interesting use cases of this intelligence is in top-of-the-funnel user-segmentation. “Just an address is helping our customers in fintech and insurance get behavioural indicators for 100 per cent of their users,” said Fuloria, CEO, GeoIQ.
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. By delivering the intelligence via ready-to-plug APIs, the company is helping clients scale up their decision systems instantly.
“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,” added Fuloria.
According to the co-founder and CTO, Shrivastava, while fintech is the major contributor to the company’s business, it plans to go deeper into insurance, retail, ecommerce 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,” said Shrivastava
“With GeoIQ’s technology, Lenskart will be opening more omni-channel stores globally with 50 per cent better return on invested capital and five times the speed of a normal opening,” said Peyush Bansal, Co-Founder and CEO of Lenskart.
“Through this funding, we also want to help facilitate GeoIQ’s ambition of becoming a world class geo-analytics company in the long run,” he added.
In a similar context, Ecosystem Ventures’ Co-Founder Abhijeet Bhandari who has been supporting GeoIQ for the past two years said that he is expecting “multi-fold growth” of the company.
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