Logiqai Software India Pvt Ltd, which operates artificial intelligence (AI)-based observability platform LOGIQ, has raised $1.8 million (Rs 13.2 crore) in a seed funding exercise.
The round in Bengaluru-based LOGIQ has been led by Leo Capital, it said in a statement. Leo Capital is an early-stage technology-focussed venture fund. It was set up in 2018 and has so far added over 20 companies to its portfolio.
Some of Leo Capital’s other investments include automation testing platform Lambdatest, diabetes management startup BeatO, logistics firm Vahak, and gaming platform Bombay Play.
LOGIQ was set up last year by Tito George and Ranjan Parthasarathy. The company says its platform helps IT and DevOps teams at enterprises solve the problem of handling the volume and variety of data within their organisations.
The firm says its mission is to make all IT data accessible and analysable through services such as unifying data types, machine learning-based analytics, and performance metrics assessment.
It will use the capital it has raised to enhance its technological infrastructure while expanding market reach, Parthasarathy said in a statement.
“There is a huge amount of data being generated across all sectors today. Consequently, the need of the hour is a platform like LOGIQ that can help enterprises organise, manage, and categorise this data without affecting their processes and infrastructure,” Leo Capital managing partner Rajul Garg said.
LOGIQ says its platform can be used by enterprises as a hosted self-service or as a managed software-as-a-service. It also claims features such as a unified view, predictable pricing, and one-click setups as part of its unique selling proposition.
The investment in the company is the latest bet on a firm using AI and other frontier technologies to disrupt industries and create new categories.
On Monday, smart calling platform Callify.ai said that it had raised $560,000 (Rs 4.11 crore) in seed capital from investors including Malpani Ventures, Venture Catalysts, Calega Ventures, The Chennai Angel Network and Marvari Angel Network.
Last week, data analytics firm Tredence Inc. raised $30 million (around Rs 220 crore) from Chicago Pacific Founders, a private equity firm focussed on the healthcare services sector. Tredence said it would use the funds to help it expand into this space.
In November, Venture Catalysts led a $1 million pre-Series A funding round in IOK Labs Inc., which operates culinary experience-focussed platform Klovechef. Other early-stage companies that have raised capital recently include SignalX, Nektar.ai, and Rephrase.ai.