Xacmaz Technology Pvt. Ltd, which operates climate-tech startup Blue Sky Analytics, on Wednesday said it has raised $1.2 million (about Rs 9 crore) in a seed funding round led by venture capital firm Beenext.
Rainmatter Capital Pvt. Ltd -- the fintech-focused fund and incubator set up by online stock trading startup Zerodha -- and Stanford Angels & Entrepreneurs also participated in the funding round, said Blue Sky in a statement.
The institutional funding for Blue Sky comes just weeks after the startup said it had received $360,000 in prize money from a couple of philanthropic organisations.
The New Delhi-based startup was set up in 2018 by Abhilasha Purwar and Kshitij Purwar. The company says it uses artificial intelligence to analyse satellite data and build environment-monitoring products that have multi-purpose use cases.
The company says it is aiming to build out a database for environmental data, similar to multinational financial data and software company Bloomberg. Last year, the startup unveiled a pan-India air quality dataset called BreeZo.
The firm is now working on launching a forest and farm fire management system called Zuri.
Clients of the company include small and large enterprises in several sectors and municipal bodies.
Teruhide Sato, founder and managing partner, Beenext, said there is strong potential in the geospatial technology.
Nithin Kamath, founder & CEO, Zerodha, said that this is Rainmatter's first climate-tech investment. The investment firm mainly looks at fintech bets. It recently bet on GoldenPi Technologies Pvt. Ltd, a marketplace platform focused on fixed-income investments.
Last month, the Singapore-based venture capital firm raised $110 million (Rs 832 crore) for a fund aimed at startups in India and Southeast Asia.
The fund aims to invest about 50% of the raised amount in Indian startups, it had said.
Beenext, which started investing in India since 2015, has invested in over 70 Indian startups so far including in payments infrastructure platform YAP, SaaS-based fleet analytics startup Fleetx, logistics-tech startup Loadshare, device management platform Servify, fintech firm Cube Wealth and account automation firm Open.