Deeptech startup DeepMatrix secured $1.6 million in a funding round led by YourNest and Arali Ventures.
Angel investors like Abhishek Goyal, founder of data intelligence platform Tracxn, also participated in the round.
The startup plans to use the funds to accelerate growth, enhance its mining and asset management products, and expand into key markets like the US and Australia.
“The round marks a significant landmark in Indian geospatial deeptech and will lay the foundation of utilizing the full potential of geospatial data using advanced AI and compute capabilities,” said chief executive Naresh Soni.
Founded in 2022, DeepMatrix helps businesses manage geospatial data more efficiently, reducing costs, improving safety, and optimizing resource management.
“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.
The platform claims it has already saved businesses thousands of hours by speeding up the analysis of large geospatial datasets.
Commenting on the investment, Vivek Mansingh, general partner at YourNest, said, “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.”
“Technology advancements in satellite, geospatial, drone and point cloud solutions are unleashing significant amounts of data and provide opportunities for enterprises to make insightful decisions, however the software stack with the enterprises has not evolved as much. The DeepMatrix platform enables enterprises to leverage all kinds of geospatial data, get significant insights, make their processes more efficient and unlock tremendous value in a short period of time,” said Arun Raghavan, managing partner at Arali Ventures.
