Formcept offers Mecbot, an open cognitive platform that aims to transform the way data analytics, Deep Learning, AI, predictive analytics and IoT interface with each other on a near real-time basis

Formcept Technologies and Solutions, a unified data platform that helps enterprises to get actionable insights
from their data faster, has raised an undisclosed sum in Series A funding from Gujarat Venture Finance Limited (GVFL).

GVFL invested in Formcept through its recent-launched GVFL Startup Fund. This fund is looking to support startups with a scalable business model that have demonstrated revenue growth and cater to a large market need.

As part of the deal, Sankalp Bajpai, Vice President (Investments) at GVFL, will be joining the board of Formcept.

“Artificial Intelligence-empowered by Big Data is disrupting the entire data analysis space. 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. With the infusion of capital from GVFL, we are all set to accelerate our growth by going global. Our product is already proven with a handful of Fortune 1,000 clients. We would now expand our technology team in India and cater to international markets where our solutions have immense potential,” said Suresh Srinivasan, Co-founder of Formcept.

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Co-founded by Srinivasan and Anuj Kumar, Formcept is a unified data analysis platform. Through its solutions, it reduces the time taken to convert data into decisions. Its flagship product Mecbot is an open cognitive platform that aims to transform the way data analytics, Deep Learning, AI, predictive analytics and IoT interface with each other on a near real-time basis, leading to better efficiencies, smart monitoring, and intelligent resource management.

Formcept recently worked with ESPN Cricinfo for which it developed 1 query-enabled platform that enables access to searchable cricket Big Data and statistics in a user-friendly manner.

Sanjay Randhar, Managing Director, GVFL, said: “As the explosive growth of data generation continues across industries, enterprises will immensely benefit from having a unified data analytics platform that can perform real time analytics on both structured and unstructured data. We believe Formcept’s product will deliver this value proposition to enterprises and help drive faster data analytics to gain better RoI.”

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Formcept is an incubatee of Centre for Innovation Incubation and Entrepreneurship (CIIE) of IIM Ahmedabad.

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