FORMCEPT Technologies is one of the incubating firms at Centre for Innovation Incubation and Entrepreneurship (CIIE) – IIM Ahmedabad. The firm raised an undisclosed amount of Series A funding from GVFL Limited, earlier this week. FORMCEPT is a unified data analysis platform that helps enterprises get actionable insights from their data faster. The organization was co-founded by Suresh Srinivasan and Anuj Kumar.
The infusion of capital from GVFL will help the organization to accelerate their growth by going global. “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,” mentions Srinivasan, Suresh Srinivasan, Co-founder, FORMCEPT Technologies.
Their flagship product is called MECBOT. It is an open cognitive platform which aims at transforming the way data analytics, deep learning, artificial intelligence, predictive analytics, and IoT interface with each other on a near real-time basis. This will lead to superior efficiencies, smart monitoring, and intelligent resource management. Srinivasan extols, “MECBOT with its core capabilities and being built using Deep learning and AI techniques to handle all forms of data, is at the right inflection point on the global growth trajectory. Moreover, AI empowered by big data is disrupting the entire data analysis space.”
Enterprises will immensely benefit from having a unified data analytics platform as the explosive growth of data generation across industries continue. The platform must be able to perform real-time analytics on both structured and unstructured data. Sanjay Randhar, MD, GVFL comments, “We believe FORMCEPT’s product will deliver this value proposition to enterprises and help drive faster data analytics to gain better ROI.”
Besides, FORMCEPT has also collaborated with ESPN Cricinfo, for which it has developed an end-to-end, comprehensive query-enabled platform. This allows access to searchable cricket big data and statistics in a user-friendly manner.