New Delhi: Venture capital firm Helion Venture Partners has led a $30 million investment round in US-based big data analytics firm Axtria Inc., the investment firm said in a statement on Wednesday. Silicon Valley venture capitalist Gururaj Deshpande along with existing investors Amar Sawhney, Rick Braddock and Fred Khosravi also participated in the current round.
Sanjeev Aggarwal, co-founder and senior managing director of Helion, will join the board of the company.
“Analytics services is an over $20 billion market with plenty of headroom for growth. Today, the infrastructure, software and analytical capabilities exist to transform the way enterprises drive data-driven insights in their business processes. Axtria sits at the cusp of this revolution in analytics, with a unique blend of industry and functional domain, technology, analytics and services capabilities,” said Aggarwal.
Axtria was founded by Jaswinder Chadha and Navdeep Chadha in 2010. The company will use the funding to accelerate hiring, build a sales force, increase marketing, develop products and expand into new markets.
It has developed proprietary analytical applications like salesIQ, marketingIQ and riskIQ. The company has over 500 employees and focuses on areas such as life sciences, healthcare, banking, financial services, retail and consumer packaged goods.
The co-founders of the company had earlier founded MarketRX, an analytics provider for the pharma and biotech industry. It was bought out by IT services firm Cognizant Technology Solutions Corp. in 2007.
“With a focus on enterprise technology, Helion is bullish about the large global opportunity presented by big data and analytics. With Axtria, Helion is particularly impressed by the large growth market, high India leverage, and a strong platform that has been created for growth,” said Jaswinder Chadha, co-founder, Axtria.
The company has been focusing on clients in the US market primarily and is presently working with over 60 clients, the statement added, without disclosing the names of the clients. The company also said that it now targeting expansion into Europe in 2016.
The company had also raised its initial round of funding from Sequoia Capital India in 2010. However, according to Axtria, Sequoia has now exited the company.
