TechAxes, India based BI and Analytics software vendor secures VC funding
TechAxes, an India based Business Intelligence and Analytics software vendor focused on BI product space secured early stage funding from Rajasthan Venture Capital Fund (RVCF). The funding will be in the form of equity as well as optionally convertible debentures (OCD’s).
TechAxes offers business intelligence and analytics software, providing companies with one complete solution for their many analytical needs. TechAxes web on demand Dashboards, Query, Reporting and Analysis in a unified architecture allows end users to access and view their organization’s data from anywhere on the globe and analyze meaningful information with ease.
As an enhancement to traditional BI Framework, TechAxes offers a unique Integrated BPM solution (IBS) framework by introducing a finance centric model linked to all functional modules. TechAxes IBS framework helps integrate all processes with strategy and builds powerful foundation for enterprise wide performance management. TechAxes BPM verticals include Banking, Financial Services, IT Enables Services, Retail and focus will be placed on high growth areas like Telecom in the near future.
According to the recent Frost and Sullivan study of the BI Application Software Market 2005 and beyond, the Indian BI market is pegged at $ 47.4 million with a revenue potential of $ 68.8 million by 2007. The report states that the Indian BI market is coming out of its immaturity stage, and the next three years’ forecast predicts that the market would be in high growth trajectory. Also, as per a recent survey by Gartner, Corporate Performance Management (CPM), used interchangeably with the term Business Performance Management (BPM), will be the area of BI that gets the most attention from companies.