Web analytics solution provider Iqlect has raised funds amounting to $2.5 million (approx ₹17.2 crore). The latest funding round was led by new investor VentureEast and existing investor Exfinity Ventures.
The company has plans to use the funds raised from the latest funding round to add leadership team in Bengaluru and also hire more engineering and sales talent. Iqlect is in the process of shifting its headquarters to San Jose, US, and is also looking to add go-to-market and tech talent in the US too.
“We are looking to hire VP’s for engineering, product management, marketing and sales and also a country manager for India. Also, we are flipping the company to make it a US company. So, we are hiring go-to-market folks and a few key tech guys for our US office,” said Sachin Sinha, CEO of Iqlect.
Prior to this round, the company had raised a $2 million round from Exfinity Ventures. Iqlect provides real-time predictive analytics platform and various solutions in sectors like infrastructure, e-commerce, security, among others, on cloud, as a Software-as-a-Service and on-premise deployment models.
The company also has plans to bring in its proprietary NoSQL Database, BangDB, on a much larger scale by September. A database management system means a software application that talks and connects end users, applications and the database to capture and analyze data.
“A deep-tech company that seeks to make real-time data analytics more easily accessible, Iqlect offers an affordable full stack analytics solution. The platform, operating on a flexible plug-and-play model, is a departure from existing solutions by competitors,” said Shailesh Ghorpade, managing partner of Exfinity Ventures.
The company is expecting to hit an annual recurring revenue of $1 million by the end of this year. Along with this, it is also in the process of raising a Series A funding round very soon, with existing investors and also with a few foreign investors from the Bay Area.