Deeptech startup DeepMatrix has successfully raised $1.6 million in a pre-Series A funding round, co-led by YourNest and Arali Ventures. Additional participation came from lead angels and Tracxn founder Abhishek Goyal, underscoring the strong investor confidence in the company’s innovative approach to geospatial data management.
Based in Bengaluru, DeepMatrix had previously secured over $600K in a funding round back in March 2022. The fresh capital infusion will be strategically deployed to accelerate the startup’s growth, enhance its product offerings in the mining and asset management sectors, and expand its presence in key international markets, including the United States and Australia.
The global geospatial analytics market, valued at $85.77 billion in 2022, is projected to grow at a compound annual growth rate (CAGR) of 12.6% from 2024 to 2030, according to market research. This positions DeepMatrix to capitalize on a rapidly expanding market as enterprises increasingly seek advanced tools for managing and analyzing geospatial data.
Co-founded in 2022 by industry veterans Naresh Soni and Kaustubh Tripathy, DeepMatrix provides a cloud-native platform that consolidates all geospatial data into a single, intuitive interface. The platform is designed to reduce costs, enhance safety, and optimize resource management for enterprises across various sectors. DeepMatrix claims that its technology has already saved businesses thousands of hours by significantly speeding up the analysis of massive geospatial datasets.
The company’s platform addresses the complex challenges of data annotation, labelling, analysis, and reporting, offering a seamless solution for the ingestion, analysis, and visualization of large volumes of geospatial data. DeepMatrix has successfully mapped extensive areas of land and completed extensive data collection efforts, delivering critical insights for urban land management, forests, quarries, mines, and essential infrastructure assets like transmission towers and highways.
With this latest funding round, DeepMatrix is well-positioned to further refine its cutting-edge technology and expand its footprint in the global market, driving innovation in the field of geospatial analytics.
