9Unicorns backs GeoIQ, SignalX in seed round

9Unicorns, the venture fund set up by startup accelerator Venture Catalysts on Tuesday announced an investment of Rs 2.5 crore ($0.3 million according to current exchange rates) in a seed round in location intelligence platform, GeoIQ. 

The round also saw participation from LetsVenture, Kayenne and returning investors, Inflection Point Ventures, according to a statement. 

GeoIQ had raised an undisclosed amount of funding from Inflection Point Ventures in October 2019, according to data sourced from VCCEdge.

Bengaluru-based GeoIQ was founded in 2018 by Devashish Fuloria, Tusheet Shrivastava and Ankita Thakur. Its data stack provides businesses with insights on hyperlocal data, geo marketing, user segmentation and other services. 

The granular location data provided by GeoIQ is used by companies across sectors including fintech for risk prediction of loans to the underbanked and prioritising collections, according to a statement. 

“With big names of Indian consumer lending as clients, GeoIQ is fast expanding their API (application programming interface) usage. The fund raise is strategic, with the aim of expanding the user base aggressively,” Devashish Fuloria, CEO of GeoIQ said in a statement.

9Unicorns also announced its participation in the Rs 6 crore seed round of governance risk management and compliance company SignalX. 3Lines VC, a US based venture capital fund also participated in the round along with a co-investment from Hyderabad Angels, which was reported earlier. 

Hyderabad based SignalX was founded in 2018 by Govind Balachandran, Zakir Wahab and Piyush Arora. The platform provides its software-as-a-service platform for comprehensive regulatory, financial and legal due diligence for companies.