CIIE-IIMA Incubatee FORMCEPT Raises Series A Funding from GVFL Limited
GVFL has invested in FORMCEPT through its recent GVFL Startup Fund, a technology and innovation fund, that is looking to support startups with a scalable business model that have demonstrated revenue growth and cater to a large market need.
FORMCEPT Technologies and Solutions Pvt. Ltd., an incubatee of Centre for Innovation Incubation and Entrepreneurship (CIIE) - IIM Ahmedabad, has announced raising an undisclosed amount of Series A funding from GVFL Limited, a pioneer VC fund in India.
CIIE had a major head-start in cognitive data analytics when it incubated FORMCEPT through its flagship programme: the ET Power of Ideas. Co-founded by Suresh Srinivasan and Anuj Kumar, FORMCEPT is a unified data analysis platform that helps enterprises get actionable insights from their data faster. Their flagship product, MECBOT, is an Open Cognitive Platform that is transforming the way data analytics, deep learning, artificial intelligence (AI), predictive analytics and IoT interface with each other on a near real-time basis leading to superior efficiencies, smart monitoring, and intelligent resource management.
Speaking about how the fresh infusion of capital will help FORMCEPT, Suresh Srinivasan, co-founder, said “AI empowered by big data is disrupting the entire data analysis space. MECBOT with its core capabilities and being built using Deep learning and AI techniques to handle all forms of data, is at the right inflection point on the global growth trajectory. With the infusion of capital from GVFL, we are all set to accelerate our growth by going global. Our product is already proven with a handful of Fortune 1000 clients. We would now expand our technology team in India and cater to international markets where our solutions have immense potential.“
GVFL has invested in FORMCEPT through its recent GVFL Startup Fund, a technology and innovation fund, that is looking to support startups with a scalable business model that have demonstrated revenue growth and cater to a large market need. Mr. Sankalp Bajpai, Vice President, Investments, GVFL Limited, will be joining the board of FORMCEPT.
Sanjay Randhar, Managing Director, GVFL Limited, said "As the explosive growth of data generation continues across industries, enterprises will immensely benefit from having a unified data analytics platform that can perform real time analytics on both structured and unstructured data. We believe FORMCEPT’s product will deliver this value proposition to enterprises and help drive faster data analytics to gain better ROI."
Known for nurturing its investee startups with intensive mentoring and support, the portfolio team of CIIE played an active role in mobilizing this round for FORMCEPT. Vipul Patel, Vice President, Investments, CIIE said “We are elated that GVFL has joined hands with us to spearhead aggressive growth for FORMCEPT. Through FORMCEPT, CIIE hopes to usher in a fresh wave of innovation in the highly dynamic space where analytics meet Industrial Internet of Things (IIoT)”.
Among others, FORMCEPT has recently worked with ESPN Cricinfo, for which it has developed an end-to-end, comprehensive query-enabled platform that enables access to searchable cricket big data and statistics in a user-friendly manner. In order to deliver more industry-specific solutions that transforms decision-making through actionable intelligence, innovators like FORMCEPT will need collaboration from a string of partners, especially early adopters across different sectors.