DeepMatrix, a Bengaluru-based deeptech startup, has secured $1.6 million in a pre-Series A funding round, led by YourNest and Arali Ventures. Angel investors in the round include Abhishek Goyal, the founder of data-intelligence platform Tracxn.
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, CEO of DeepMatrix, said, “The pre-series round of DeepMatrix marks a significant landmark in Indian geospatial DeepTech and will lay the foundation for utilising the full potential of geospatial data using advanced AI and compute capabilities.”
“There is an increased demand in the industry, and this funding will help in developing breakthrough, innovative solutions to solve customer problems. We have experienced good traction in the Indian market and are looking to work with enterprises and governments in developed markets like US, Australia, Europe, etc,” Soni added.
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.
Founded in 2022, DeepMatrix specialises in managing the entire data lifecycle, from ingestion to advanced analytics. Its platform supports various industries, including mining, agriculture, and energy, by addressing challenges in data annotation, labeling, analysis, and reporting. The company’s innovative platform simplifies data handling, providing enterprises with efficient tools for managing and interpreting vast geospatial datasets.
Since its inception in 2022, the company claims to have mapped extensive acres of land and completed hours of data collection, providing critical insights for urban land, forests, quarries, mines, and key infrastructure assets such as transmission towers, highways, and more.
