LUMIQ Raises $5.5M in Series A Funding to Drive Expansion into International Financial Services and Insurance Markets

0

NEW YORK, October 31, 2022 /PRNewswire/ — LUMIQ has raised Rs 44.1 billion Where $5.5 million in his A-Series funding round led by an existing investor Edge Ventures Info. In 2022, this is the 1st round of investment for the Data and Analytics company which builds data stack products and solutions, with a pure focus on financial services and insurance (FSI).

LUMIQ CEO Shoaib Mohammad Announces Series A Funding from InfoEdge Ventures

In this round, Edge Ventures Info led the round with 23.41 million rupees while Season 2 Adventures and RedStart Laboratories pumped in 19.51 million rupees and Rs 1.2 crore respectively. This will serve to further develop LUMIQ’s presence in international markets – USA and SEA, and strengthen its ISP-focused product line.

The company has raised a total of $7.5 million to date including a $2 million roundtable led by Edge Ventures Info in August of last year. According fintrackrLUMIQ has been rated at approximately Rs 320 million Where $40 millionafter allocation.

Founded by a data technologist Shoaib MohammadLUMIQ has developed industry-leading data stack products and AI ML solutions – across DataOps, E2E Observability, ML Risk Governance, Self-service analytics – for the FSI space.

Talking about fundraising, the CEO of LUMIQ Shoaib Mohammad said, “Today, we see data manageability as a daunting challenge, with stacks of data and complex ad hoc solutions loosely assembled. This weak data infrastructure can have a major impact in terms of data security, quality, auditability and compliance. How you manage, prepare, and leverage your business data determines your organization’s overall profitability. We want to provide financial companies around the world with best practices in data engineering and data stacks built for scale.

LUMIQ flagship product – empOWER FSI Data Platform – enables financial companies to seamlessly manage, operate and monetize their data. With over 70 ready-to-deploy AI ML data models already in use for more than 20 financial and insurance companies, the platform has so far analyzed over 1 billion customer interactions.

About LUMIQ

LUMIQ is a data and analytics company with proven credentials in the Indian ISP space leading large-scale data transformation initiatives for some of the largest financial enterprises in banking, insurance, NBFCs, AMCs in India. Since 2020, LUMIQ has grown 2x per year, recently doubling its workforce to reach ~350 data professionals, with new offices in Noida, Chennai, Puneand New Jersey.

Photo: https://mma.prnewswire.com/media/1933316/LUMIQ_Series_A_Funding.jpg

Quote

Quote

View original content: https://www.prnewswire.com/news-releases/lumiq-raises-usd-5-5-million-in-series-a-funding-to-drive-expansion-across-international-financial – services-and-insurance-markets-301663080.html

LIGHT SOURCE

Share.

Comments are closed.