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Sequoia leads $9.2m Series B in iCreate

  • Andrew Woodman
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Sequoia Capital is leading a INR500 milion ($9.2 million) round of investment in data analytics start-up iCreate Software. Sequoia’s Gautam Mago will join the board.

It is the second round of funding for the Bangalore-based company. In January 2010, IDG Ventures invested INR150 million, and the VC player is also participating in the current round.

Founded by Anup Pai in 2006, iCreate develops business intelligence products for banks such as Bank of America, Gulf Investment Corporation, Indonesia's Bank Mandiri and HDFC Bank.

"iCreate has been delivering compelling value to the global banking sector with their banking business intelligence and analytics products," Shailendra Singh, managing director of Sequoia India, said in a statement. "In a very short period of time, they have built up an admirable roster of clients by delivering vital, actionable business intelligence to banks."

iCreate Software plans to use the funds to expand its product portfolio and enter new markets overseas,

"A global leader like Sequoia Capital will help us launch newer products and expand our portfolio. This new thrust will certainly catapult our growth," said Pai.

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