Wavemaker backs data service firm’s $1.5m seed round

QoreNext, a data-as-a-service (DaaS) provider has raised US$1.5 million in seed funding from Wavemaker Partners.

QoreNext founder Rahul Sahgal / Photo credit: QoreNext

Founded in 2020 by Rahul Sahgal, the Singapore- and US-based startup collects and analyzes data using machine learning (ML) and robotic process automation (RPA), removing the need for data stewards or editors. It offers flexible pricing for its services targeting the IT, banking, healthcare, and pharmaceutical industries.

The idea for QoreNext was based on Annik, a data and analytics firm that Sahgal had founded and later sold to French IT giant Capgemini. Annik was part of a private equity-driven roll-up under digital customer engagement firm LiquidHub, which was acquired by Capgemini for US$500 million in 2018.

QoreNext will use the freshly raised funds to move its module production along and launch its first set of products.

“QoreNext’s ML-RPA-driven approach not only allows for various cost-efficient optimizations and automations within data science teams, but also gives companies access to foundational data that are vital for decision-making,” said Paul Santos, Managing Partner of Wavemaker Partners.