- ByStartupStory | August 29, 2024
DeepMatrix, a deeptech startup specializing in geospatial data management, has successfully raised $1.6 million in a pre-Series A funding round. The round was co-led by YourNest and Arali Ventures, with additional participation from prominent lead angels and Tracxn founder, Abhishek Goyal.
The Bengaluru-based company previously raised over $600K in March 2022. This new influx of capital will be strategically directed toward accelerating the company’s growth trajectory, enhancing its product offerings within the mining and asset management sectors, and expanding its market presence in key regions including the United States and Australia.
In a statement, DeepMatrix outlined its growth strategy: “The proceeds will be allocated towards accelerating our growth, enhancing product offerings in mining and asset management, and expanding our presence in key markets including the United States and Australia.”
Co-founded in 2022 by industry veterans Naresh Soni and Kaustubh Tripathy, DeepMatrix provides a comprehensive platform for enterprises to manage geospatial data efficiently. The platform’s cloud-native architecture allows for significant reductions in the time and resources required to analyze large-scale geospatial datasets, enabling enterprises to cut costs, enhance safety measures, and optimize resource management.
The company’s platform is already making a substantial impact. “Our platform has already saved enterprises thousands of hours by accelerating the analysis of massive geospatial datasets,” said a spokesperson from DeepMatrix. “We offer enterprises a cutting-edge platform that eliminates friction and significantly reduces the time required for geospatial data analysis.”
DeepMatrix’s technology has been pivotal in mapping extensive acres of land and completing hours of data collection, offering critical insights into urban land, forests, quarries, mines, and essential infrastructure assets such as transmission towers and highways.
Addressing the complexities of data annotation, labeling, analysis, and reporting, DeepMatrix simplifies the entire process by unifying data ingestion, analysis, and visualization. This approach provides enterprises with an intuitive solution to manage and interpret large volumes of geospatial data efficiently.
The funding round comes at a time of significant growth in the global geospatial analytics market. According to market research, the sector was valued at $85.77 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 12.6% from 2024 to 2030.
Follow Startup Story
