Data is perishable and real-time insights are the need of the hour for businesses such as e-commerce, financial services, and the Internet of Things (IoT). IQLECT is one Indian start-up that is building a global footprint in this high-tech arena. The Bengaluru-based IQLECT platform analyses data in real time (messaging, processing, analytic abstractions, cep module, machine learning, etc.) and visualises it through a unified dashboard. So far, IQLECT has raised $2 million in seed funding from Exfinity Venture Partners, which is backed by software industry veterans such as TV Mohandas Pai, V Balakrishnan, Deepak Ghaisas, Girish Paranjpe among others, says Sachin Sinha, founder and CEO, IQLECT. Sinha was earlier chief technology officer at fashion e-commerce start-up Jabong.
“In March 2016, we raised substantial amount from Lip-Bu Tan, founder of Silicon Valley-based Walden International and CEO of Cadence Design Systems; Michael Marks, former CEO of Flextronics and founding partner at Riverwood Capital; and Nicolas Braithwaite, founding partner at Riverwood Capital and former Flextronics CTO,” he adds.
Big Data is big business
It is a no-brainer that big data is transforming business today. Therefore, it is pertinent to look at the significance of real-time analytics in the wake of connected devices. Data sent out from one device to another needs to be managed and predicted before time or at the right time. For example, how fraud can be detected for the banking industry in real-time or how bookings can be monitored for ride-hailing apps before the taxi even reaches the destination. IQLECT solves such problems by joining the dots in the real-time data analytics space.
“In 2012, I developed BangDB, a high performance nosql database and one of the core components of IQLECT platform, for developers to capture data in with higher speed in efficient manner. We got over 30,000 downloads without any marketing efforts and many developers selected BangDB over known nosqls in the market,” says the IQLECT founder, who brings over 18 years of experience in software design, development, and product leadership in building software and scaling companies. “Since then, we upgraded the software, added more features and observed the performance through our developer community. Finally, in 2015, I dedicated the IQLECT platform to enterprises that want to collect, process and analyse data in real-time.”
On a firm ground
That was the beginning of IQLECT. “We began our operations in India and so far we have implemented our solutions for data centre monitoring, website monitoring and fraud detection in e-commerce, financial services, and media and telecommunication industries. “We started our operations from India and now in process of expanding to bay area in US. Hence, we look forward to tapping the international markets with our cutting-edge data analytics platform.
IQLECT has a team of highly experienced professionals who have previously worked with companies such as Amazon, IBM Research, Facebook, EMC, Informatica, Microsoft, Oracle, Yahoo and Novel, with degrees from reputed institutes such as IIT, MIT, Berkeley, University of Utah, with B Tech, MS and PhDs in database and analytic domains.
IQLECT started its operations from India and is now in the process of expanding to the Bay Area in the US. “We look forward to tapping the international markets. We are optimistic about our product in domestic as well as international markets considering the onset of IoT which will introduce hybrid interactions between machines, making real-time analytics the critical solution for business decisions,” he summarises.