EvoluteIQ

About EvoluteIQ

EvoluteIQ provides an AI-powered business automation platform, designed to help enterprises streamline processes and accelerate digital transformation. The company was founded in 2019 by Sameet Gupte (CEO), Deepak Kinger (Chief Strategy Officer), and Sanjay Koppikar (Chief Product Officer), who leveraged their extensive experience in enterprise technology and scaling SaaS companies to create the platform. CEO Sameet Gupte's background includes leadership roles at Servion Global Solutions, Virtusa, and Genpact Headstrong Capital Markets, where he focused on digital transformation and financial services. Based in Stockholm, Sweden, with a significant presence in the UK, US, and India, the company targets large enterprises, including Fortune 500 organizations, across sectors like healthcare, banking, financial services, and insurance (BFSI).

The firm operates on a B2B model, generating revenue through its EIQ platform, which is adopted by clients to reduce operational costs and enhance productivity. EvoluteIQ has shown consistent growth in Annual Recurring Revenue (ARR) and maintains a net retention rate of over 170%, indicating strong customer loyalty. As of late 2024, the company has raised a total of $20 million over four funding rounds, with the latest Series A round securing approximately $20 million in a mix of equity and debt. This round was led by Round2 Capital and included participation from investors like Nordea Startup & Growth, Confidus Venture Capital, and PH Ventures.

The core offering is the EIQ Platform, a unified, low-code/no-code solution that integrates multiple technologies to enable end-to-end automation. Its key features include process orchestration, generative AI, Robotic Process Automation (RPA), intelligent data processing, and enterprise connectors. The platform is designed for both technical and non-technical users, allowing them to build and deploy complex automation workflows. A notable feature is its Agentic Mesh Architecture, which facilitates the orchestration of RPA, APIs, and data across different systems. For its clients, such as a major US healthcare company, the platform has demonstrated the ability to reduce process times by up to 40% and improve customer acquisition. The platform is also recognized for its transparent, consumption-based pricing model.