Singapore-headquartered Big Data analytics startup Aureus Analytics Pvt Ltd has raised $850k from a group of marquee investors including Google India managing director Rajan Anandan, Hive Data’s managing director Arihant Patni and Murugappa group scion Arun Venkatachalam among others.
The seed financing was led by Steven Sule, partner at Mumbai-based Naste Advisors. Sule has invested in several startups including AdPushup, Kwench Library Solution and POSist among others.
Aureus Analytics, most of whose employees and operations are based out of India, said the funds would be used to enhance product development and further expand the engineering and business teams.
Interestingly, the financing was raised through deal making platform LetsVenture and is the largest ever round that has been raised on this online fund raising platform. LetsVenture has raised over 14 investments with average ticket sizes between $200k to $300k.
Founded by Anurag Shah, Ashish Tanna and Nitin Purohit, Aureus has already got on board a few customers such as Bharti AXA Life Insurance, Aegon Religare Life Insurance, General Insurance Council of India and a leading Indian bank.
Both Anurag and Ashish are serial entrepreneurs having successfully exited their earlier ventures while Nitin has been an orchestrator of many products & IP in his previous roles, the company said.
Steven Sule, who lead the round said, ”Aureus’ focus on the insurance space allows them to be at the forefront of the industry which will increase its utilization of analytics tools to better understand their products and customers in the future.”
Aureus Analytics has a suite of industry specific predictive analytics products and big data ready platform called ASAP. These products enable customers to tackle business critical issues by leveraging massive internal and external data sets at the point of decision making, its statement added.
“We believe that the impact value of Predictive & BigData Analytics is significantly higher if made available at the Point of Decision. Our aim to make this possible and bring the power into hands of the business users in an easy and seamless manner over the cloud. By our estimates, the global market opportunity for such solutions in the Insurance Industry alone is approximately 9 to 10 Billion USD,” said Anurag Shah, CEO of Aureus Analytics.