Bengaluru-based big data analytics firm IQLECT Software Solutions Pvt. Ltd, which operates BangDB, raised an undisclosed amount in a bridge funding round led by TEN Innovate, the company said on Monday.
The company plans to deploy the new fund to boost operations across product and marketing, along with the BangDB as a service rollout in the first quarter of 2022.
“The bridge funding has come at an opportune time and will be used for research and product development along with enhancing the user base for BangDB coupled with establishing new sales channels to allow us to win high profile enterprise accounts," Sachin Sinha, Founder and CEO of BangDB, said in a statement.
Founded in 2012, The Entrepreneurial Network (TEN) comprises a group of professionals who aim at transforming innovative ideas into successful businesses. It was founded by technology and business professionals who have worked together in the early years of Oracle India.
BangDB, on its part, was founded as part of IQLECT in 2015 by Sinha, and is an artificial intelligence(AI)-based converged NoSQL database.
NoSQL or non-SQL is an approach to database management that can board various data models, including key-value, document, columnar and graph formats. A NoSQL database generally means that it is non-relational, distributed, flexible and scalable.
In 2018, BangDB raised $2.5 million in a bridge round of funding led by early-stage investment firm VentureEast. The start-up has been funded by several angel investors such as Michael Marks, Lip Bu Tan, Nicholas B, Pradeep Khosla and venture capitalists (VCs) like Exfinity Venture Partners, the company said.
