Bangladeshi founded Malaysian data analytics startup – Loosely Coupled Technologies (LCT) has raised an investment from United States-based venture capital firm to extend its arena of services with artificial intelligence.
Minneapolis firm Razor Capital concluded due diligence and proceeded investement injection through Luxembourg investment vehicle Monsoon Tech, said a news release on Wednesday. However, the firm didn’t figure out the volume of the series investment.
Officials informed the start-up founded by a BUET graduate focused in bringing localized artificial intelligence (AI) and natural language processing capabilities in business applications across the region.
Big data analytics is in its infancy in Bangladesh, where large volumes of unstructured data are created with no effective tools to extract meaningful value from the information, according to the official.
Regarding the investment, LCT Chief Executive Firoze M Zahidur Rahman said the partnership will enable LCT to mature, evolve, and remain innovative in tailoring its products for businesses and individuals alike.
“Our product suite bundled with proprietary AI backed market place tools are going to change and augment the way local organizations carry out their decision making process," added Firoze.
LCT is currently serving public institutions, consulting companies, and advertising agencies. Clients include international companies such as Boston Consulting Group, Mind Share, and Unilever, as well as South East Asian conglomerates such as Sinarmas, Rahim Afrooze, and PNMB.
Razor Capital brings value added partnership to help LCT scale and meet all the challenges a growing business faces.
Razor Capital is confident this investment will help develop and enable the Bangladeshi ecosystem at large and is excited to begin this journey together.