YourNest and Arali Ventures have led the round of $1.6 million raised by deeptech startup DeepMatrix. Angel investors in the round include Abhishek Goyal, the founder of data-intelligence platform Tracxn. Founded in 2022, DeepMatrix has continued to blaze a trail in the technology industry with its groundbreaking innovations in the management of geospatial data.
PC: The Economic Times
This funding will be used to accelerate DeepMatrix’s path for growth, product advancement to offer improved products, and to increase its footprint in the US and Australia. The firm plans to use this capital to unlock the full potential of geospatial data through best-in-breed artificial intelligence and computing powers. This round of funding becomes a significant milestone in Indian geospatial deeptech and will likely be the harbinger of momentous progress in this field.
Naresh Soni, Chief Executive Officer of DeepMatrix, pointed out that this is a significant milestone in Indian geospatial deeptech and will lay the foundation in utilizing the full potential of geospatial data using advanced AI and compute capabilities. The startup’s platform is designed to manage geospatial data efficiently for any business through the generation of cost reductions, enhancing safety, and optimization of resources.
DeepMatrix is already showing a lot of traction in the Indian market and is now eyeing enterprise and government collaboration in developed markets like the US, Australia, and Europe. “We have experienced good traction in the Indian market and are looking to work with enterprises and governments in developed markets like the US, Australia, Europe, etc.,” Soni added.
It says that up to now, its platform has saved thousands of hours for businesses by speeding up the process of analyzing big geospatial datasets. There is a special value in such capabilities for those of industries where timely and accurate data analysis will result in a large operational efficiency and cost-saving.
Elated by the opportunity now through Deematrix, was YourNest’s General Partner – Vivek Mansingh, “DeepMatrix is a natural fit with YourNest’s thesis of investing in deeptech enterprises that can build IP with innovative solutions to address multiple customer requirements,” said Arali Ventures Managing Partner, Arun Raghavan.
In a nutshell, the most recent round of funding for DeepMatrix validates the importance attached to the management of geospatial data in the contemporary age that is data-centric. The company is already quite strong in the market, with some of the aforementioned top-tier investors, and ready to start making a dent in this changeover being affected by how organizations perceive and use geospatial data. The chance to influence the global tech landscape further supports cross-market expansion and the constant improvements that the company makes.
