FORMCEPT Technologies and Solutions Pvt Ltd, a Unified Data Analysis platform that helps Enterprises today said it has raised an undisclosed amount of Series A funding from GVFL Limited. FORMCEPT is an incubatee of the Centre for Innovation, Incubation and Entrepreneurship CIIE-IIM Ahmadabad. It was Co-founded by Suresh Srinivasan and Anuj Kumar in 2011 that helps enterprises get actionable insights from their data faster.
The startup not only provides a unified interface for storing and querying datasets but also provides batch processing, stream processing, and interactive analysis out of the box. It is built on top of NoSQL technologies, like- HDFS, HBase for storage, systems like Map-Reduce, Spark, Shark and Storm for data processing and utilizes the power of graph database, key-value store and index store to provide a seamless experience for the end users.
Commenting on the development, Suresh Srinivasan, Co-founder, FORMCEPT said “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.”
As the part of the investment, Sankalp Bajpai, Vice President, Investments, GVFL will be joining the board of the company and mentor founders to accelerate growth by going global.
Sanjay Randhar, MD, GVFL, 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 mentoring and support, the portfolio team of CIIE played an active role in mobilising this round for Bengaluru-based FORMCEPT. CIIE had a major head-start in cognitive data analytics when it incubated FORMCEPT.
CIIE is the technology business incubator based at the IIMA, aiming to help India’s budding entrepreneurs set up innovative, disruptive and scalable ventures through mentoring, incubation, advising and funding initiatives.