A Singapore headquartered artificial intelligence startup LifeSight, which calls itself a location intelligence platform, has secured $2 million (Rs 13.5 crore) in pre-series A round. The round was led by stakeholders of Provident Capital Partners, a venture capital firm based in Indonesia.
The startup, which has a development center in Bengaluru, will channelize most of the funds in enhancing its engineering and data science capabilities. The company said that this will in expanding its footprints across key Asian markets in next two financial years.
Lifesight, operated by its parent company Lightsight Pvt Ltd, basically sells two SaaS products to its clients: Insights and Attribution. Through these two AI backed SaaS products, the company aims to offer all its clients better insight into better decision making process through consumer’s geo-behavioral pattern.
This startup, which is barely few months old, claims to have gained strong tractions in lucrative markets like India, Singapore, Malaysia and Indonesia. However, most experts claim that gaining formidable presence in location intelligence market is not easy owing to tough competition. The market is already crowded with big companies like Microsoft, Cisco, Oracle, IBM SAP and many more.
Besides, Lifesight faces competition from other startups as well including AdNear, Hypertrack and Keep Trax. These startups are decently funded and can make good head-start if they have good products in offering. Some industry analysts, on other hand, also argue that only if these efficient products are sold at cost-effective prices, can these startups stand any realistic chance against big companies.