LUMIQ raises USD 5.5 million in Series A funding to drive expansion across international financial services and insurance markets
NOIDA, India and MUMBAI, India, Oct. 31, 2022 /PRNewswire/ -- LUMIQ has raised Rs 44.1 crore or $5.5 million in its Series A round led by existing investor Info Edge Ventures. In 2022, this is the 1st round of investment for the Data and Analytics company which builds datastack products and solutions, with a pure Financial Services and Insurance (FSI) focus.
In this round, 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. This will be used to further develop LUMIQ's presence in international markets - US and SEA, and strengthen their FSI-focused product line.
The company has raised a total of $7.5 million to date including a $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 $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 is 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.
About LUMIQ
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, NBFCs, 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.
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