Jungle Ventures, a Singapore-based venture capital firm, has led a Rs 7.3-crore investment in Crayon Data, a Singapore-based start-up, along with support from Springs Seeds Capital, a Singaporean State-owned investor.
Founded in 2012 by two Indian Institute of Management graduates, Crayon Data has developed a platform that searches for hidden patterns and correlations from a big pile of information, and was founded with a vision to simplify big data. It has development centres in Singapore and Chennai.
Started by enterprise analytics veteran Suresh Shankar, former founder of RedPill Solutions, which was acquired by IBM in 2009, and digital marketing expert Srikant Sastri, former founder of Solutions Digitas and Team4U, acquired by Publicis and Randstad respectively, Crayon Data helps companies tap into the power of analytics.
As Shankar pointed out: “Businesses and customers are experiencing the ‘paradox of more’, where more is becoming less. Customers have more channels, more devices, more influences and more choices than ever before. Ironically, they also have less time to navigate choices and are less confident and satisfied with their decisions.”
He added that the funds are to be used to scale up technology and expand operations in markets such as the US, the UK, West Asia and China.
Speaking on the investment, Anurag Srivastava, Co-Founder and Managing Partner, Jungle Ventures added: “What Crayon Data has set out to do is cutting edge. Their SimplerChoices platform is a differentiated play, and one that is already helping traditional enterprises such as banks, retailers, telcos and hotels offer more effective choices for their consumers, while changing the way they use big data.”