Deeptech startup DeepMatrix Raises $1.6M to Revolutionize Geospatial Data Management

DeepMatrix, a deeptech startup focusing on geospatial data management, has raised $1.6 million in a pre-Series A funding round led by YourNest and Arali Ventures.

The round also saw participation from angel investors, including Abhishek Goyal, founder of Tracxn.

Prior to this round, the Bengaluru-based startup raised over $617,000 in funding in March 2022.

Revolutionizing geospatial data management

Founded in 2022 by Naresh Soni, DeepMatrix's platform is designed to help businesses efficiently manage geospatial data, helping them reduce costs, enhance safety, and optimize resource management.

The startup claims that its cloud-native platform has already saved enterprises thousands of hours by accelerating the analysis of massive geospatial datasets, which is particularly beneficial in industries where timely and accurate data analysis can lead to significant operational efficiency.

Accelerating growth and expanding global footprint

The startup plans to use the raised capital to accelerate its growth, enhance its product offerings in mining and asset management, and expand its presence in key markets, including the United States and Australia.

"The pre-series round of DeepMatrix marks a significant landmark in Indian geospatial DeepTech and will lay the foundation for utilising the full potential of geospatial data using advanced AI and compute capabilities," said Naresh Soni, CEO of DeepMatrix.

"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," Soni added.