Data analytics company VuNet Systems has secured Rs 60 crore ($7 million) in an ongoing funding round led by early-stage venture capital firm Pravega Ventures, with participation from Kotak Securities Ltd.
Existing investors Mela Ventures, Athera Venture Partners, Dallas Venture Capital, and TVS Capital also participated in the Series B round, VuNet said in a statement on Thursday. The four investors in 2022 helped the Bengaluru-based startup raise $5 million in a Series A round of funding.
The company intends to close the new funding round in February, Ashwin Ramachandran, co-founder and CEO of VuNet, told VCCircle.
VuNet operates an AI-driven platform called vuSmartMaps, which provides a full-stack observability solution based on big data and machine learning to banks, payment gateways and financial institutions to improve their digital payments workflow. Observability is a concept in computing which analyses a system's internal state through the output generated.
The company said it will use the funds to expand its global footprint and drive its growth in India and other key markets such as Middle East, Africa, and Southeast Asia. It also seeks to enhance the product's capabilities and scale its sales and marketing efforts.
"We are working with lot of system integrators, so that's part of our go-to-market. We also plan to have more direct expansion outside India and MENA region is one of our focus areas," Ramachandran said.
"In terms of product innovation, [we are] putting more [investments towards] R&D with a lot of generative AI and LLMs (large language models) also coming up. Our product is also getting revamped to be more AI-first product," he added.
VuNet was founded in 2014 by Ramachandran, Bharat Joshi, and Jithesh Kaveetil. All three had prior experience in creating deep-tech enterprise software.
Ramachandran said VuNet works with more than 25 customers, which include large financial services companies, banks, regulators, capital trading firms, and payment gateways. Its platform monitors close to 20 billion transactions a month, he claimed.
