Data manageability is a big challenge, says Shoaib
LUMIQ, with new offices in Noida, Chennai, Pune and New Jersey, says the recently Rs.44.1 crore or US$5.5 million raised through Series A round is for developing presence in international markets, the US and South East Asia, as well as strengthen Financial Services Insurance-focused product line.
The round was led by existing investor Info Edge Ventures, said Noida-headquartered LUMIQ on 31 Oct 2022.
In 2022, this is the 1st round of investment for the Data and Analytics company which builds datastack products and solutions, with a pure FSI focus.
Info Edge Ventures spearheaded the round with Rs.23.41 crore while Season Two Ventures and RedStart Labs pumped in Rs.19.51 crore and Rs.1.2 crore, respectively.
The company has raised a total of US$7.5 million to date including a US$2 million seed round led by Info Edge Ventures in August last year.
As per Fintrackr, LUMIQ has been valued around at Rs.320 crore or US$40 million, post allotment.
Founded by data technologist Shoaib Mohammad, LUMIQ has developed cutting-edge data stack products and AI ML solutions – across DataOps, E2E Observability, ML Risk Governance, Self-service analytics – for the FSI space.
Speaking about the fund-raise, LUMIQ’s CEO Shoaib Mohammad said, “Today we are seeing data manageability as a big challenge, with complex ad-hoc data stacks and solutions stitched together loosely.
“This weak data backbone can have a major impact in terms of data security, quality, auditability and compliance. The way you manage, ready and leverage your enterprise data determines your organisation’s overall profitability.
“We want to enable financial enterprises across the globe with best-in-class data engineering practices and data stacks built-for-scale.”
LUMIQ’s flagship product – empOWER FSI Data Platform – enables financial enterprises to manage, leverage, and monetize their data seamlessly. With over 70 ready-to-deploy AI ML data models already live for 20+ financial and insurance enterprises, the platform has so far analyzed over 1 billion customer interactions.
LUMIQ is a Data and Analytics company with proven credentials in the Indian FSI space driving large-scale data transformation initiatives for some of the largest financial enterprises across banking, insurance, Nonbank financial companies (NBFCs), Asset Management Companies (AMCs) in India. Since 2020, LUMIQ has grown 2X YoY recently doubling in headcount to ~350 data professionals, with new offices in Noida, Chennai, Pune and New Jersey. fiinews.com
