Singapore-headquartered Big Data analytics startup Aureus Analytics Pvt Ltd, has raised more than Rs 5 crore (around $850,000) in funding from a clutch of individuals through LetsVenture, an online platform that connects startups with accredited investors.
The funds will be used to enhance the company's product development, besides expanding its engineering and business teams, it said in a statement.
The round was led by Steven Sule, partner at Mumbai-based Naste Advisors and others include Google India head Rajan Anandan, Murugappa Group scion Arun Venkatachalam, and Arihant Patni, managing director of The Hive India.
"We believe that the impact value of predictive and Big Data analytics is significantly higher if made available at the point of decision," said Anurag Shah, CEO and co-founder of Aureus. "Our aim is to make this possible and bring the power into hands of the business users in an easy and seamless manner over the cloud," Shah said.
According to Shah, the global market opportunity for analytics solutions in the insurance industry alone is approximately $9-10 billion.
The startup was founded in 2013 by Shah, an Indian School of Business alumnus, along with Mumbai University alumnus Ashish Tanna, and Shivaji University alumnus Nitin Purohit. Aureus offers predictive analytics and Big Data-ready platforms to insurance companies and banks.
The company has its R&D centre in Mumbai. Currently, the startup has employed 18 people.
"Aureus' focus on the insurance space allows them to be at the forefront of the industry which will increase its utilisation of analytics tools to better understand their products and customers in the future," said Sule.
Sule also counts names such as AdPushup, Kwench Library Solution and POSist among its portfolio firms.
Early this month, Big Data-powered marketing solutions firm Blueshift Labs raised $2.6 million led by New Enterprise Associates (NEA) and Nexus Venture Partners.
(Edited by Joby Puthuparampil Johnson)