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Deeptech startup DeepMatrix raises $1.6 Mn in pre-Series A round

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Deeptech startup DeepMatrix has raised $1.6 million in a pre-Series A funding round co- led by YourNest and Arali Ventures along with participation from lead angels and Tracxn founder Abhishek Goyal. The Bengaluru-based company had raised over $600K in its last round back in March 2022. The proceeds will be allocated towards accelerating its growth, enhancing product offerings in mining and asset management, and expanding presence in key markets including the United States and Australia, DeepMatrix said in a press release. According to market research, the global geospatial analytics market is valued at $85.77 billion in 2022, and is expected to grow at a CAGR of 12.6% from 2024-2030. Co-founded in 2022 by Naresh Soni and Kaustubh Tripathy, DeepMatrix enables enterprises to manage all geospatial data in one place, helping them reduce costs, enhance safety, and optimize resource management. The platform claims that its cloud-native platform has already saved enterprises thousands of hours by accelerating the analysis of massive geospatial datasets. According to DeepMatrix, it offers enterprises a cutting-edge platform that eliminates friction and significantly reduces the time required for geospatial data analysis. The company also claims to have mapped extensive acres of land and completed hours of data collection, providing critical insights for urban land, forests, quarries, mines and key infrastructure assets such as transmission towers, highways and more. DeepMatrix addresses the challenges of data annotation, labeling, analysis and reporting. It unifies and simplifies data ingestion, analysis and visualization, providing an intuitive solution for enterprises to manage and interpret large volumes of geospatial data efficiently.