FORMCEPT Technologies and Solutions Pvt. Ltd., an incubatee of Centre for Innovation Incubation and Entrepreneurship (CIIE) – IIM Ahmedabad, on June 27 said it has raised an undisclosed amount of Series A funding from GVFL Ltd.

Co-founded by Suresh Srinivasan and Anuj Kumar, FORMCEPT is a data analysis platform that helps enterprises get actionable insights from their data faster. Their flagship product, MECBOT, is an open cognitive platform that is aimed at transforming the way data analytics, deep learning, artificial intelligence (AI), predictive analytics and IoT interface with each other.

“AI 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,” said Srinivasan.

GVFL Ltd has invested in FORMCEPT through its recent GVFL Startup Fund, a technology and innovation fund. Sankalp Bajpai, VP, investments, GVFL Ltd, will be joining the board of FORMCEPT. The funds will be used to expand their technology team and cater to international markets.

Source: Times of India