Data analytics startup ActOnMagic raises seed funding
ActOnMagic Technologies Pvt Ltd, which builds cloud analytics and management products to deliver intelligence and control for enterprises, has raised an undisclosed amount in a seed round of investment, led by NetMagic's co-founder Jayabalan Subramanian, according to a press statement.
The funds will be used to scale up the product engineering team and sales efforts in India.
ActOnMagic's ActOnCloud Platform allows users to view and manage all public/private cloud infrastructure from a single platform, regardless of the underlying cloud technology or service.
"The fund will allow us to attract the right talent to differentiate our offerings from the market and to build stronger ecosystem or our offerings. ActOnCloud has a good reach in the European market and now it's time to build for the Indian market as well," said Madan Ganesh Velayudham, founder and CEO of ActOnMagic.
The company was founded by Velayudham in January 2014. Velayudham is an alumnus of PSG College of Technology and has previously worked with Hewlett Packard and VMLogix, and has founded a social network called GoGuroo.
In the data analytics segment, ActOnMagic competes with Ratan Tata-backed Infinite Analytics, Aureus Analytics and Convergytics.
Recently, Gray Routes Technologies, which provides last mile logistics technology solutions to B2B and B2C firms, raised an undisclosed amount of funding from Mahesh Parasuraman, co-founder of VC firm Amicus Capital; Rahul Gautam, a Hong Kong-based investment banker and a group of angel investors from Carlyle Group.