Medront Datalabs is a user data storage startup that raised Rs 1.06 crore in its pre-seed funding round from Inflection Point Ventures. The funding round saw the participation of various new and existing investors. The company plans to use these fresh proceeds to scale its operation, user acquisition, market expansion, and meet general corporate purposes while developing its market presence.
The startup offers users with data privacy and data authentication solutions. The platform provides users with solutions to manage personal data and interchange it with consumer brands through secure pods. This allows brands to offer their customers with personalized user experience. Medront intends to use a portion of this investment to scale up its services and enhance its platform. This funding will help them scale up operations and strengthen their position in the global market. The amount raised during this round will be used to develop more efficient solutions for market expansion, product development, and technical advancement to increase the performance capability of the platform.
The company is focused on user acquisition in India. The startup offers innovative solutions, to make the interchanging and storing of data secure through its platform. The data storage startup aims to transform the data as a service market and make it more transparent. The company also provides Android verification for SMS, notifications, and permissions. Medront Datalabs was incubated in BITS Pilani and provides G2 verification for advertising financial services. The Mumbai startup has extensive API integrations with major platforms like Gmail, Spotify, Instagram, Google Drive, and Twitter. The development came just when the data as a service industry saw increased investor interest.
According to market research, Global data as a service market currently stands at a valuation of 20.74 billion USD and is predicted to stand at 20.74 billion in the next six years. The Indian DaaS market is expected to reach over 2.17 billion USD in 2024. The company ensures secure, efficient user acquisitions, and strong retention. The company follows GDPR compliance by not using personal data for advertising purposes. The startup claims to have partnered with over 20 brands and gained around 20,000 users on its platform. Medront Datalabs faces competition from other data authentication platforms including TrustArc, BigID, and One Trust.
Conclusion:
Medront is an online data storage platform that secured Rs 1.06 crore in its pre-seed funding round led by Inflection Point Ventures with the participation of other investors. The startup intends to use this fresh capital to scale its operations, accelerate its product development, expand its network, and meet general corporate purposes. The startup provides solutions to collect and manage personal data. The startup interchanges this data with other consumer brands which helps brands to offer personalized user experience. The Mumbai-based company plans to strengthen its online platform and develop its market presence in India. The company includes AP integration for major platforms including Twitter, Spotify, Google Drive, and Gmail. The development came just after the data as a service market had increased interest from investors.
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