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Exclusive: US investors Lip-Bu Tan, Michael Marks back analytics firm IQLECT
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Analytics startup IQLECT, founded by former Jabong India CTO Sachin Sinha, has received an undisclosed amount in funding from well-known US investors including the founders of VC firms Walden International and Riverwood Capital.
Lip-Bu Tan, founder of Silicon Valley-based Walden International and CEO of Cadence Design Systems; Michael Marks, former CEO of Flextronics and founding partner at Riverwood Capital; and Nicolas Braithwaite, founding partner at Riverwood Capital and former Flextronics CTO, have invested in their individual capacity, Sinha told VCCircle.
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Ganapathy Subramaniam, venture partner at Walden, also invested in this round, Sinha said. He added that Lip-Bu has become an advisor to the company.
The funding comes after Iqlect Software Solutions Pvt Ltd, which runs the eponymous real-time Big Data analytics platform, last year raised $2 million from Exfinity Ventures, the Bangalore-based venture fund that focuses on early-stage enterprise IT startups.
Sinha is an IIT Kanpur alumnus with 17 years of industry experience. Besides Jabong, he previously worked at apparel e-commerce company LimeRoad as the CTO and at Amazon as a senior engineering manager.
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Sinha had been working on the idea of a real-time analytics platform for three years and founded IQLECT in 2012. However, it was in a dormant stage and Sinha revived the idea around the time he was moving out of Jabong. He quit Jabong after an eight-month stint in October 2015.
Lip-Bu has been an active venture capital investor. Walden International, the VC firm he co-founded two decades ago, manages around $1.6 billion worth of investments. He has backed many semiconductor firms in Asia.
Walden has invested in half a dozen Indian companies including AirTight Networks, Bankbazaar.com, e4e, Inc., Netspeed Systems, Inc. and Quatrro BPO Solutions Private Ltd.
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Marks, who was CEO of Flextronics for 13 years, is known to have taken the electronics manufacturing firm's annual revenue from $93 million to $16 billion.
Marks, Braithwaite and Tan are also partners at Walden Riverwood Ventures, which plans to invest around $20 million this year in three to four Indian startups.
IQLECT has built a hardware-software converged platform to provide data insights in real time and offers 'platform as a service' on cloud that can also be shipped as a converged box.
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Sinha said the company is building a line-up of clients in e-commerce, financial services, media and telecommunication industries.