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NEW DELHI: AI startup Innefu Labs, has raised Series A funding from IndiaNivesh Venture Capital Fund. IndiaNiveshhas invested $2 million to acquire a minority stake in the company.
The New Delhi-Based startup was founded in 2011 by young technopreneurs, Tarun Wig and Mr. Abhishek Sharma. Innefu has been continuously working on its AI prowess to develop innovativeframeworks in Biometrics Authentication andpredictive intelligence for governments, public undertaking, corporates and law enforcement agencies. The company counts among its client base major governmentinstitutionsand intelligence agencies including DRDO, Border Security Force (BSF) and CRPF apart from corporate such as Mahindra and Mahindra.
Abhishek Sharma, Co-founder Innefu says, “We feel honoured to have got this funding from IndiaNivesh who expressed their confidence in our work. We are a completely “Made in India” company providing indigenous products solutions to our customers in India and abroad. Our products have been developed using cutting edge technologies to provide customized solutions. We have the right blend of domain expertise with tech knowhow to compete with the best in the world.”
“We like theenergy and passion of Tarun and Abhishek. They have been doing some great work in predictive intelligence and Multifactor authentication, a highly specilised field. We are very happy to support them and be part of the exciting journey ahead” said K.K Rathi, MD, IndiaNivesh Fund Managers.
The transaction was facilitated by Sweat Equity Partners.
The innovation in predictive intelligence, AI platforms and many such technologies are sure to strengthen law enforcement agencies and military forces to predict and thwart virtual threats.
The funds raised by Innefu Labs will be primarily used to enhance its AI platform that is effectively supporting various law enforcement agencies for predictive intelligence and facial biometrics. The company intends to invest this fund for talent acquisition and market expansion. The funding will also play a strategic role in Innefu’s entry into Bangladesh and Sri Lanka, which is their next big move.