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iCreate raises Rs. 15 cr from IDG Ventures India
iCreate Software, a Bangalore-based Business Intelligence company
focused on Banking
products & solutions, today announced the successful completion of
a Series A round of
financing of Rs. 15 crores. The investment was made by IDG Ventures
India, an early-stage
technology venture capital firm investing in technology and technology-
enabled companies.
This funding will be used to fuel iCreate’s growth strategy which includes
building a global
sales platform, increasing marketing efforts, and continuing investment in
product
development. Mr. T.C. Meenakshisundaram and Mr. Ranjith Menon of IDG ventures
will join
the company's board of directors.
Founded in 2006, iCreate develops products and provides solutions and services enabling
effective and profitable utilization of data in Core Banking systems. iCreate has pioneered the
"Banking Intellisense" philosophy, its radical new approach to business intelligence and
improvement in Banking Systems. iCreate intends to become a market leader in the BI for
Banking space with multiple offerings covering areas such as BI and Reporting, Collections,
Compliance, Risk Management and Fraud detection. iCreate is currently focused on the
emerging markets with clients in the Africa, Middle East, APAC and Europe regions and is
looking to expand its focus to include mature markets.
"At iCreate, we are working on next generation Business Intelligence and Analytics products
& solutions to enable and empower our customers. IDG Ventures with their experience in
helping start-ups realize their full potential will definitely strengthen the iCreate team" said
Vivek Subramanyam CEO of iCreate. "We chose to partner with IDG since they shared our
passion about the potential of Banking BI and Analytics and our belief in the power of the
next generation BI platform we are creating" added Anup Pai COO of iCreate.
"IDG Ventures
invests in companies aiming for a leadership position in niche high-growth
areas. At IDG we
are excited about the BI space and believe domain focused BI products
and solutions will
emerge as preferred solutions for clients" said TC Meenakshisundaram
Managing Director at
IDG Ventures India. "iCreate has a proven business model and a capable
management team
that has delivered successful results in the past and we believe will
continue to anchor
iCreate's stellar growth into the future" added Mr. Meenakshisundaram.
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