GeoIQ: Location Intelligence Startup Secures Investment From Lenskart

Lenskart, an omnichannel eyeglasses store, has invested $2.25 million in GeoIQ, a location intelligence startup. The financing included existing investors, 9Unicorns, and Ecosystem Ventures. By using communities of data scientists, the location AI firm will be able to expand globally, establish its own data stack, and build numerous AI models.

GeoIQ, created by Devashish Fuloria, Tushneet Shrivastava, and Ankita Thakur, uses proprietary algorithms to layer government data with 600 public sources and satellite imagery. The AI layer on top uses these data points to evaluate user behavior, wealth, and commercial opportunities for a given address/longitude.

“Thanks to our devoted team of data scientists and our investor board at Ecosystem Ventures, which has played an integral role in our growth path and helped scale to 10 times revenues in the last 12 months, our business is seeing hockey-stick growth.” “Being in the prediction industry, the next 12 months appear to be even more promising,” stated Fuloria, CEO of GeoIQ.

“We’re excited to be a part of GeoIQ and to help them with important business choices and financing.” Ecosystem Ventures cofounder Abhijeet Bhandari remarked, “We anticipate their multi-fold expansion.”