Big data company and business reformer Axtria have secured $30 million from a Series C funding round this week to help them expand their business and customer base. The round was led by Helion Ventures that previously raised $300 million for start-ups in India earlier this year and is helping to digitise the national economy, according to TechCrunch.
The funding will mostly be used to apply big data to insurance, personal health and mobile apps, including a new product in the pipeline to be implemented on Salesforce. Alongside this, Axtria plans to grow customer base globally from 400 to over 5,000 people, as many new hires will be brought in for sales and marketing.
Headquartered in New Jersey, Axtria offers a series of data analytics applications and services in the cloud, with the ability of counting over 10,000 individual users for more than 60 clients, covering the banking, high-tech and financial services industries.
By using the cloud, CEO and co-founder of Axtria, Jassi Chadha says that the business is attempting to solve a number of different problems. “Data is exploding – lots is trapped in corporate systems and coming from new areas like internet-of-things (IoT) – and it can be used for better decision making,” Chadha told TechCrunch in an interview.
Chadha continued to explain that by embedding analytics into a company’s system, it would help a business operate in an effective manner. “Software has moved to cloud so data will follow soon, too. We see that happening now, and help customers manage data from business apps in the cloud,” Chadha said.
Commenting on the previous funding round, Helion co-founder Sanjeev Aggarwal believes that India is excelling in the data analytics start-ups space. “India has been known for IT services and then human-intensive BPO, the third wave is analytically powered high-end intellectually driven data services that use India’s statistical expertise,” Aggarwal said.
Aggarwal continued: “Axtria sits at the cusp of this revolution in analytics, with a unique blend of industry and functional domain, technology, analytics and services capabilities.”