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Analytics Co iKen Raises Funding From India Innovation Fund; Use Cases

Data analytics and personalization services based startup iKen Solutions has raised an undisclosed amount of funding from India Innovation Fund. As part of the deal, Sharad Sharma, former Yahoo R&D India CEO and Ashwin Raguraman, Vice President, India Innovation Fund will join the board of iKen Solutions.

Founded in 2008, iKen Solutions is co-promoted by Dr. Rajendra M. Sonar, an IIT Mumbai professor and Siddharth Goel, a serial entrepreneur. It currently offers a web-based consumer analytics framework Mooga which allows companies to offer personalization at an individual user level in real time. Further, this framework can also be integrated by companies into any web service or an application through APIs.

Clientele and Use Cases: According to the company website, its clients include Airtel, Apalya, Comviva, Whats On India, Tata Consultancy Services (TCS), and HCL. iKen Solutions says that Mooga will allow companies in the telecom, digital content delivery, media, Internet, banking and financial services segment, to offer a highly personalized service to their consumers based on their personal preferences. For instance, the company says it (pdf) worked with Whats On India to offer access to analytics data on what people are currently watching or fetching information to allow the company offer personalized content recommendations to its users.

It had also provided its WAP portal management suite consisting of search, personalization and recommendation services to Sony Music to develop an off-deck WAP portal for its consumers in March 2007. iKen claims that the personalized recommendations now account for 92.2% of the total music sales through the portal.

Similar developments: Social media benchmarking company Unmetric had raised $3.2 million in Series A funding from Nexus Venture Partners in April 2012. Unmetric offers benchmarkable social media data for various industry sectors like content strategy, engagement, growth, and timing and frequency of Twitter and Facebook updates. It also allows companies to monitor their competitor’s social media engagement strategy by sending custom alerts to brands about their social media strategy and providing analysis across various metrics like the competitor’s social media content, response time, fan demographics and sentiment analysis.

In November 2011, social media marketing and analytics company Salorix had raised $3.5 million in a series A funding round co-led by Inventus Capital Partners and Nexus Venture Partners. Salorix currently offers a social marketing platform which allows brands to setup campaigns and provide analytics to track them in an unified user interface. It also provides a suite of solutions to help brands in social listening and engagement, campaign strategy and management, and custom analytics and optimization.

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