Big data and Artificial Intelligence (AI) startup Innovaccer has raised $15.6 million in series A funding led by Westbridge Capital Partners with participation by other undisclosed angel investors. The company will use this round of funding to expand its big data analytics solutions in the healthcare sector. Earlier in May 2015, the company raised an undisclosed amount of funding from prior investors including 500 Startups, Six Sigma Academy and Start Smart Labs.
Innovaccer’s flagship offering Datashop claims to provide end-to-end big data a solutions including on-demand access to real-time data, analyzing and visualization of data, and advanced analytics. All these properties are being provided in a ‘full-stack’ format and the users need not generate or write new codes to mine for new data, added the company. Its analytics services are currently deployed in the healthcare, finance, and retail industry.
Innovaccer currently claims to have installed its solutions across research and healthcare companies including Catholic Health Initiatives, Partners Healthcare, Sonic Healthsystems, Harvard, Stanford, MIT, Wolters Kluwers, Artesyn, among others. It is currently developing a suite of “self-serve” machine learning and AI applications as a platform and aims to launch the platform for developers sooner.
Earlier in August 2015, Innovaccer partnered with US based Altiscale Inc that provides big data analytics via an SaaS platform, to develop analytical applications for healthcare, financial services, manufacturing, and academic research organizations.
SaaS startups investment in India: More then $850M was invested since 2010 in Indian SaaS product companies, with a total of $449M investment in the year 2015 across 61 funding rounds, said a report from startup research platform Tracxn. The report added that even though the number of funding rounds remained almost the same in 2014 and 2015, the total funding has increased by 3-times in this year. It added that $45M has already been invested in SaaS startups in India within first 4 months of 2016 in over 15 rounds.
Recent developments in Big Data
-Last month, Star India invested $10 million in Sagacito Technologies, an SaaS company offering big data analytics from its machine learning platforms.
– In February, Altizon, a Pune headquartered IoT and big data platform provider had raised Series A funding worth Rs 9.78 crore ($1.4 million) for a 20% stake from Wipro Ventures.
-Around the same time, Infosys invested $4 million in Waterline Data Science, a data recovery and data governance software provider.
– In January, big data and marketing SaaS company Blueshift Labs raised $8 million in a round of funding led by Storm Ventures, with participation from existing investor Nexus Venture Partners.
– In August, Mumbai-based IntelligenceNODE, a big data analytics startup, raised funding worth $4 million from New Enterprise Associates (NEA) and Orios Venture Partners.
– In July last year, Flytxt raised $11 million in funding, while in June, Seattle based Indix raised Series B funding worth $15 million.
– In June 2015, Data sciences and analytics firm Saama Technologies raised $35 million in a round of funding from California-based Carrick Capital Partners.
– The same month, Tracxn raised $10 million in a round of funding, to launch an incubator called TracxnLabs.