With the latest funding, the Bengaluru based startup aims to extend its offering for retail location selection

Lenskart has invested $2 million in pre Series A round in GeoIQ, an Artificial Intelligence based local intelligence platform. The round also saw participation from existing investors 9 Unicorns, Venture Catalysts and Ecosystem Ventures.

Founded in 2018, GeoIQ is a geo-analytics company, which works on location based analytics using AI/ML. It provides real time hyper location data for enabling strategic decision making across industries. With a mission to quantify each location’s risk & opportunities for businesses to operate efficiently, the startup aspires to be the go to platform for predicting hyper local business performance across geographies.

GeoIQ’s AI based location tool will help Lenskart in its aggressive store roll out strategy by identifying new locations for opening high ROI potential stores. It will also enable gathering accurate market share data across micro markets and run more targeted regional marketing campaigns.

Commenting on the investment, Peyush Bansal, Co-founder & CEO said, ”Lenskart has always been at the helm of leveraging technology to enhance its offerings for better customer experience and drive differentiation and we have continually partnered with founders in doing that. With GeoIQ technology, Lenskart will be opening the most efficient omni-channel stores globally with 50% better return on invested capital and 5x more speed of opening. Through this funding, we also want to help facilitate GeoIQ’s ambition of becoming a world class geo-analytics company in the long run by providing more opportunities to explore, experiment and innovate when it comes to CX.”

Lenskart has been investing in cutting edge technology companies in the fields of AI /ML, AR, omni-channel / retail technology and backed entrepreneurs who are building truly disruptive & game changing products through its Lenskart Vision Fund initiative.

Over the next 12 months, GeoIQ aims to empower 1000 data teams across India and the US with its no-code location AI, and is targeting a 10x increase in its API usage, to enable 3 million decisions a day. The startup also plans to improve its product offering and expand its workforce for product & sales led roles.

Devashish Fuloria, Chief Executive Officer at GeoIQ, commented, “The use of analytics has become widespread as more and more businesses are recognizing the benefits of data.

AI-based Intelligence has evolved rapidly and is currently in a hyper-adoption stage. The funds raised will enable us to add new features to our product and empower our customers.”