Exclusive: US investors Lip-Bu Tan, Michael Marks back analytics firm IQLECT
Analytics startup IQLECT, founded by former Jabong India CTO Sachin Sinha, has received an undisclosed amount in funding from well-known US investors including the founders of VC firms Walden International and Riverwood Capital.
Lip-Bu Tan, founder of Silicon Valley-based Walden International and CEO of Cadence Design Systems; Michael Marks, former CEO of Flextronics and founding partner at Riverwood Capital; and Nicolas Braithwaite, founding partner at Riverwood Capital and former Flextronics CTO, have invested in their individual capacity, Sinha told VCCircle.
Ganapathy Subramaniam, venture partner at Walden, also invested in this round, Sinha said. He added that Lip-Bu has become an advisor to the company.
The funding comes after Iqlect Software Solutions Pvt Ltd, which runs the eponymous real-time Big Data analytics platform, last year raised $2 million from Exfinity Ventures, the Bangalore-based venture fund that focuses on early-stage enterprise IT startups.
Sinha is an IIT Kanpur alumnus with 17 years of industry experience. Besides Jabong, he previously worked at apparel e-commerce company LimeRoad as the CTO and at Amazon as a senior engineering manager.
Sinha had been working on the idea of a real-time analytics platform for three years and founded IQLECT in 2012. However, it was in a dormant stage and Sinha revived the idea around the time he was moving out of Jabong. He quit Jabong after an eight-month stint in October 2015.
Lip-Bu has been an active venture capital investor. Walden International, the VC firm he co-founded two decades ago, manages around $1.6 billion worth of investments. He has backed many semiconductor firms in Asia.
Walden has invested in half a dozen Indian companies including AirTight Networks, Bankbazaar.com, e4e, Inc., Netspeed Systems, Inc. and Quatrro BPO Solutions Private Ltd.
Marks, who was CEO of Flextronics for 13 years, is known to have taken the electronics manufacturing firm's annual revenue from $93 million to $16 billion.
Marks, Braithwaite and Tan are also partners at Walden Riverwood Ventures, which plans to invest around $20 million this year in three to four Indian startups.
IQLECT has built a hardware-software converged platform to provide data insights in real time and offers 'platform as a service' on cloud that can also be shipped as a converged box.
Sinha said the company is building a line-up of clients in e-commerce, financial services, media and telecommunication industries.