NEW DELHI: AI startup Innefu Labs, has raised Series A funding from India Nivesh Venture Capital Fund. IndiaNivesh has invested $2 million to acquire a minority stake in the company.
The New Delhi-Based startup was founded in 2011 by young technopreneurs, Mr. Tarun Wig and Mr. Abhishek Sharma. The company counts among its client base major government institutions and intelligence agencies including DRDO, Border Security Force (BSF) and CRPF apart from corporate such as Mahindra and Mahindra.
Mr. Abhishek Sharma, Co-founder Innefu says, “We feel honoured to have got this funding from India Nivesh who expressed their confidence in our work. We are a completely “Made in India” company providing indigenous products solutions to our customers in India and abroad. Our products have been developed using cutting edge technologies to provide customized solutions. We have the right blend of domain expertise with tech know how to compete with the best in the world.”
“We like the energy and passion of Tarun and Abhishek. They have been doing some great work in predictive intelligence and Multifactor authentication, a highly specilised field. We are very happy to support them and be part of the exciting journey ahead” said Mr.K.K Rathi, MD, IndiaNivesh Fund Managers.
The transaction was facilitated by Sweat Equity Partners.
The innovation in predictive intelligence, AI platforms and many such technologies are sure to strengthen law enforcement agencies and military forces to predict and thwart virtual threats.
The funds raised by Innefu Labs will be primarily used to enhance its AI platform that is effectively supporting various law enforcement agencies for predictive intelligence and facial biometrics. The company intends to invest this fund for talent acquisition and market expansion. The funding will also play a strategic role in Innefu’s entry into Bangladesh and Sri Lanka, which is their next big move.