Bangalore, January 28, 2010: iCreate Software (www.icreate.in), 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.
About iCreate Software
iCreate is a Bangalore based Business Intelligence (BI) for Banking products and solutions company. The company specializes in BI products and services leveraging its core banking expertise and empowers its clients with rich, actionable information. Biz$core, iCreate’s flagship product is a complete Business Intelligence and Performance Management product for the banking industry. With its pre-built data adaptors, operational data stores and value creators for industry-standard banking systems, iCreate provides its clients with low TCO and reduced lead time Business Intelligence solutions.
Mr. Vivek Subramaniam
CEO, iCreate Software
Tel : +91-80-405 89 400
Fax: +91-80-405 89 414
About IDG Ventures India:
IDG Ventures India is a part of IDG Ventures, a global network of local venture funds backed by IDG, the world's largest IT-focused media company. IDG Ventures manages over $3.7 Billion and has 10 offices across America and Asia.
Mr. Ranjith Menon
IDG Ventures India Advisors Pvt. Ltd.
Tel: +91 80 4043 4836
Fax: +91 80 4132 9226