January - 2013 - issue > Venture Beat

iCreate nabs Rs 50 Crore in Series B Funding

SI Team

Friday, January 4, 2013

Forward

Banking BI software provider iCreate was successfully funded with Rs.50 Crores in its Series B round of funding. iCreate hopes to grow its market potential exponentially by expanding its product portfolio, entering newer markets and deploying flexible engagement models to deliver superior banking decision enablement solutions. The investment was led by Sequoia Capital and IDG Ventures India.

Bangalore based iCreate creates banking software products which provide value to over 20 leading banks across Asia, Europe, Africa and the Middle East, such as HDFC Bank, IndusInd Bank, Bank of America, Gulf Investment Corporation, Capitec Bank, BankMandiri, SAIB Egypt and East West Bank to name a few.

The company offers BizScore, a banking intelligence solution that enables users to control their banking business performance; and BizManage, an SLA-based managed model that transforms a team of BI into a BI and analytics center for banking sector. The company also provides DEED Workshop, a consulting engagement that helps to understand BI needs and create a BI roadmap. In addition, its business intelligence services include data warehouse design and implementation; extract, transform, and load; and OLAP, reporting, and dashboard development and deployment.

"Our endeavors to 'define the bar' of innovative solutions in the Banking decision sciences space just got a valuable partner. I am confident that Sequoia's experienced team will provide a fresh perspective in our journey to become a category leader in global banking decision sciences," says Vivek Subramanyam, CEO, iCreate.