BANGALORE, September 12, 2016 /PRNewswire/ --
Real-time data analytics company IQLECT, the enterprise big data startup from Bangalore, founded by ex-CTO of Jabong.com Sachin Sinha and funded by Exfinity Venture Partners and slew of investors from the US, has just launched its cloud offering for real-time data analysis. In June 2016, Gartner in its 2020 predictions has outlined that by 2017, virtually all new analytic software purchases will begin as a free or low-cost proof of concept, enabling buyers to try the software before they buy. The IQLECT on cloud is built on these business fundamentals that enterprise today want to move away from spending large sums on evaluating big data tools and realising later that these were short of expectations. In the same report, Gartner says that through 2018, 70% of Hadoop deployments will fail to meet cost savings and revenue-generation objectives due to skills and integration challenges.
IQLECT offers a hardware-software converged platform to provide actionable data insights in real-time. Real-time insights are the need of the hour for businesses such as e-commerce, financial services, digital media, targeted marketing, mobility and internet of things. However, it is difficult to setup such an infrastructure currently since the available options are either costly or complex, requiring integration of multiple software components, which makes it necessary to spend months of effort just to get started.
IQLECT simplifies the overall proposition and offers a fully baked off-the-shelf software converged platform, either on the cloud or as a converged hardware-software all-in-a-box platform. The convergence of all necessary software and hardware in one box enables the users to get up and running in few hours, thus making the proposition highly scalable, cost-effective and easy to integrate and accelerates the time to market for enterprises.
IQLECT's offering on cloud is an end-to-end ready to consume solution using just screen clicks and can be deployed over a cup of coffee.
Users can select from a freemium pricing options and click to deploy the entire infrastructure and software on cloud. IQLECT's simple intuitive dashboard let users:
- define the correlation or other eventing rules for pattern recognition, alerts and notification
- run predictive analysis
- social Media Analysis e.g., Sentiment analysis of Twitter stream
- ad Personalisation
- pixel analysis like Google's analytics platform
- recommendation engine for an e-commerce store
- fraud detection in financial services
- monitoring Internet of Things (IoT) devices
- data centre analytics and many more
Users will have the option to try out all of these free of cost before making the purchase which is a direct cost saving for IT departments of enterprises compared to resources deployed in selecting other analytic tools in the market. IQLECT competes with Microsoft, Amazon Kinesis, IBM and a few other open source tools. Looking at the competition, Sachin Sinha, CEO explained that besides ready-to-be-deployed solution which makes us among the very few who have this offering today, IQLECT is also a simplified and a cost-effective solution due to its architecture and propriety technology.
Real-time data analysis is poised to disrupt decision making in organizations- big or small and IQLECT is ready to play its due part in emerging IT landscape. IQLECT is expanding the geographical reach and building a line-up of clients in e-commerce, financial services, media and telecommunication industries.
Looking back at the journey of IQLECT leading to this day of cloud offering launch, Lip-Bu Tan, IQLECT mentor and board member of HP enterprise says, "We are proud of the team at IQLECT led by Sachin Sinha, which has been persistent in its goal of disrupting the analytics space. The IQLECT on cloud is a formidable tool and in times to come, it will play a pivotal role in shaping the landscape of data based decision making."
IQLECT is a big data analytics company based in Bangalore, India. IQLECT offers a hardware-software converged platform, for users to enable real-time data analysis for their businesses, in a cost-effective and process-efficient manner.
The team at IQLECT represents the best of minds and leaders who has decades of experience in this area from companies such as Amazon, IBM Research, Facebook, EMC, Informatica, Microsoft, Oracle, Yahoo, Novel etc. They have an academic background from reputed institutes like IITs, MIT, Berkeley, Univ of Utah, Univ of Wisconsin, Madison with B.Tech, MS and PhDs in Database and Analytic domains.
The company has raised US$2 million in seed funding from Exfinity Venture Partners. Exfinity Venture Partners is backed by software industry veterans such as TV Mohandas Pai, V. Balakrishnan, Deepak Ghaisas, Girish Paranjpe among others. The company has used these funds in expansion of team and product development. IQLECT is the first investment in analytic space by Exfinity Ventures and it believes that IQLECT has developed complete stack from ground up to quickly enable real-time analysis on the cloud or on-premise. The start-up has also raised an undisclosed amount in March 2016 from Lip-Bu Tan, founder of Silicon valley-based Walden International and CEO of Cadence Design Systems, Michael Marks, former CEO of Flextronics and founding partner at Riverwood Capital and Nicolas Braithwaite, founding partner at Riverwood Capital and former Flextronics CTO.