LUMIQ’s Series A round was headed by previous investor Info Edge Ventures and collected Rs 44.1 crore (USD 5.5 million).
This is the first round of funding for the Data and Analytics startup, which develops datastack products and solutions with a sole emphasis on Financial Services and Insurance (FSI).
Info Edge Ventures led the investment with Rs 23.41 crore, while Season Two Ventures and RedStart Labs contributed Rs 19.51 crore and Rs 1.2 crore, respectively. This will be utilized to expand LUMIQ’s footprint in foreign areas like as the United States and Southeast Asia, as well as to boost their FSI-focused product portfolio.
To far, the firm has raised USD 7.5 million, including a USD 2 million seed round led by Info Edge Ventures in August of last year. According to Fintrackr, LUMIQ is worth around Rs 320 crore (USD 40 million) after allocation.
LUMIQ, founded by data technologist Shoaib Mohammad, has created cutting-edge data stack products and AI ML solutions for the FSI industry, including DataOps, E2E Observability, ML Risk Governance, and Self-service analytics.
LUMIQ CEO Shoaib Mohammad commented on the fund-raise, saying:
“Today, we are witnessing data management as a huge concern, with complicated ad-hoc data stacks and solutions sewn together loosely.” This shaky data foundation can have serious consequences for data security, quality, auditability, and compliance. The manner in which you manage, prepare, and exploit your enterprise data influences the overall profitability of your organization. We intend to provide best-in-class data engineering processes and data stacks built for scalability to financial organizations throughout the world.”
LUMIQ’s main product, empOWER FSI Data Platform, helps financial institutions to efficiently manage, exploit, and monetize their data. The platform has evaluated over 1 billion customer interactions so far, with over 70 ready-to-deploy AI ML data models now live for 20+ banking and insurance firms.
LUMIQ is a Data and Analytics firm with strong credentials in the Indian FSI industry, leading large-scale data transformation programs for some of India’s major financial organizations in banking, insurance, NBFCs, and AMCs. LUMIQ has expanded 2X year on year since 2020, recently tripling its staff to 350 data specialists and opening additional operations in Noida, Chennai, Pune, and New Jersey.
We try our best to fact-check and bring the best, well-researched, and non-plagiarized content to you. Please let us know
-if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!
Next Article
.This is the first round of funding for the Data and Analytics startup, which develops datastack products and solutions with a sole emphasis on Financial Services and Insurance (FSI).){kind=link}