AI startup Innefu Labs raises $2 mn from IndiaNivesh Fundbusiness Updated: Apr 17, 2017 16:40 IST
Artificial intelligence startup Innefu Labs today said it has raised USD 2 million (over Rs 12 crore) in funding from IndiaNivesh Venture Capital Fund.(iStockPhoto)
Artificial intelligence startup Innefu Labs today said it has raised USD 2 million (over Rs 12 crore) in funding from IndiaNivesh Venture Capital Fund.
The series A funding will see IndiaNivesh acquiring a minority stake in the company, Innefu Labs said in a statement.
The transaction was facilitated by Sweat Equity Partners.
The funds raised will be primarily used to enhance the AI platform that supports various law enforcement agencies for predictive intelligence and facial biometrics.
It will also invest in talent acquisition and expansion into markets like Bangladesh and Sri Lanka, it said.
The city-based startup was founded in 2011 by Tarun Wig and Abhishek Sharma. The company works with government agencies, corporates and law enforcement agencies.
Its clients include DRDO, Border Security Force (BSF) and CRPF as well as corporates like Mahindra and Mahindra.
“We are a completely ‘Made in India’ company providing indigenous product solutions to our customers in India and abroad. We have the right blend of domain expertise with tech know-how to compete with the best in the world,” Sharma said.
IndiaNivesh Venture Capital is a Rs 150 crore fund that has invested in 5 businesses so far. PTI SR BAL