* Investment to accelerate product development, expand global footprint, and strengthen AI/ML capabilities in Mining and Asset Management
DeepMatrix, a DeepTech startup with a mission to reimagine the GIS industry, has raised $1.6 million in a pre-Series A funding round. The round was led by YourNest and Arali Ventures, with additional participation from lead angels and Abhishek Goyal, Founder of Traxcn. This infusion of equity capital will be instrumental in accelerating DeepMatrix's growth, enhancing its product offerings in Mining and Asset Management, and expanding its presence in key markets, including the United States and Australia.
The global geospatial analytics market, valued at $85.77 billion in 2022, is expected to grow at a robust CAGR of 12.6% from 2024-2030. DeepMatrix is well-positioned to capitalise on this growth, offering enterprises a cutting-edge platform that eliminates friction and significantly reduces the time required for geospatial data analysis. Since its inception in 2022, the company has mapped extensive acres of land and completed hours of data collection, providing critical insights for urban land, forests, quarries, mines and key infrastructure assets such as transmission towers, highways and more.
Established by a team with over 20 years of deep technology and data experience, the DeepMatrix platform enables enterprises to manage all geospatial data in one place, helping them reduce costs, enhance safety, and optimise resource management. Its fully managed, cloud-native platform has already saved enterprises thousands of hours by accelerating the analysis of massive geospatial datasets.
Naresh Soni, CEO of DeepMatrix, said, “The pre-series round of DeepMatrix marks a significant landmark in Indian geospatial DeepTech and will lay the foundation of utilising the full potential of geospatial data using advanced AI and compute capabilities. There is an increased demand in the industry and this funding will help in developing breakthrough innovative solutions to solve customer problems. We have experienced good traction in the Indian market and are looking to work with enterprises and governments in developed markets like US, Australia, Europe, etc.”
Dr. Vivek Mansingh, General Partner at YourNest, said, “In DeepMatrix, we saw not just the opportunity of AI and deep learning for the geospatial sector, but also a founding team that is driven by a commitment to leverage their knowledge and skillset for global mining and asset management at scale.”
He further added that “DeepMatrix is a natural fit with YourNest’s thesis of investing in DeepTech enterprises that can build IP with innovative solutions to address multiple customer requirements."
Arun Raghavan, Managing Partner at Arali Ventures said, “We are extremely excited about our investment in DeepMatrix. Technology advancements in satellite, geo-spatial, drone and point cloud solutions are unleashing significant amounts of data and provide opportunities for enterprises to make insightful decisions, however the software stack with the enterprises has not evolved as much. The DeepMatrix platform enables enterprises to leverage all kinds of geospatial data get significant insights, make their processes more efficient and unlock tremendous value in a short period of time,” said Arun Raghavan, Managing Partner at Arali Ventures. He further added that “Naresh, Kaustubh and the DeepMatrix team have the wealth of experience and knowhow to enable enterprises speed up the adoption of geospatial data across industries and geographies.”
As drones and satellite imagery become increasingly vital for spatial mapping across industries like mining, agriculture, construction and energy (including oil & gas, power transmission, solar and wind farms), DeepMatrix addresses the challenges of data annotation, labeling, analysis and reporting with its innovative platform. The platform unifies and simplifies data ingestion, analysis and visualization, providing an intuitive solution for enterprises to manage and interpret large volumes of geospatial data efficiently.
DeepMatrix is on a mission to provide enterprises with the tools they need to harness the full potential of geospatial data, ensuring efficient and sustainable resource management for the future.
About DeepMatrix:
DeepMatrix is a DeepTech startup transforming the utilisation of geospatial data. With its cloud-native SaaS platform and AI-driven business model, the company offers comprehensive capabilities across the entire data life cycle, encompassing data ingestion through to advanced analytics. The platform is characterised by its scalability and adaptability, catering to a broad range of industries but not limited to Asset Management and Mining.
About YourNest:
YourNest, established in 2011 as a technology-focused Pre-Series A fund house has pioneered investing in DeepTech and IP-led product innovations. Focused on emerging technologies to enhance the way mankind leverages the value of time, YourNest Innovative Products VC Fund III aims to create an opportunity for Indian entrepreneurs to scale into global markets. Many of YourNest’s portfolio companies across its three funds have secured patents and attracted Fortune 500 Companies as customers. In its first Fund, YourNest has provided a DPI of 1.9x with five complete exits and one partial exit. Its second Fund is fully invested with one full exit and another partial exit. YourNest’s funds consistently feature amongst the best-performing AIFs as per the CRISIL AIF Performance Reports.
About Arali Ventures:
Arali Ventures, established in 2019, is a seed stage venture capital fund specializing in investing in enterprise-tech/B2B technology companies focussed on Indian and global markets. Arali follows an operator-lead approach; works with entrepreneurs building SaaS, deep-tech plays like Robotics, Manufacturing 4.0, Supply chain Automation , B2B commerce solutions and enables them to deliver deep-value for the enterprise-customers. Arali Ventures has a portfolio of 20+ companies include names such as Unbox Robotics, Cynlr, WizFreight, Finbox, HBox, Wingman, Insent , Pibit and others.
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