QoreNext founder Rahul Sahgal
QoreNext, a Singapore-headquartered data-as-a-service (DaaS) provider, has secured US$1.5 million in a seed financing round led by Wavemaker Partners.
The startup will utilise the money to advance the production of its main modules and launch the initial products.
Founded in 2020 by data scientist and entrepreneur Rahul Sahgal, QoreNext serves as a virtual data factory where customers can leverage its interconnected data products with integrations.
The QoreNext platform employs machine learning and robotic process automation (RPA) technologies to offer clients high-quality data with a flexible pricing model.
“QoreNext’s machine learning-powered RPA-driven approach allows for various cost-efficient optimisations and automation within data science teams. It also gives companies access to foundational data that are vital for decision-making,” said Paul Santos, managing partner of Wavemaker Partners.
The startup collects foundation data — well-defined information that is available for sharing between multiple applications, processes or use cases — to assist enterprises in resolving challenges in the way they produce and consume data.
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The firm also leverages the gig-economy model into the corporate data management process, precluding the need for a team of data stewards or editors.
“We have already had many constructive discussions with corporates that show a genuine interest in our data offerings,” said Rahul Sahgal, founder and CEO of QoreNext.
Before starting QoreNext, Sahgal made a successful exit with his data and analytics company Annik (acquired by CapGemini in 2018).
According to recent research from MIT Technology Review, just 13 per cent of organisations worldwide “excel” at delivering on their data strategies. Another report by Seagate (which surveyed 1,500 global business leaders) showed that about 68 per cent of organisations’ data was unleveraged.
Therefore, DaaS becomes a critical option to mitigate the risks associated with data management and gear them to a third-party cloud-based provider. Quince Market Insights predicts that the global data as a service market will be worth US$5.4 billion, slated to grow at a CAGR of 14 per cent from 2021 to 2030.
Last year, QoreNext closed an angel investment funding from ScaleHouse founder Kristin Luck, Facebook senior director of product Adil Wali, and The NPD group COO and CFO Thomas Lynch.
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Image Credit: QoreNext
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