By Ishan Patra
Copyright yourstory
AI-powered business automation firm EvoluteIQ has received $53 million in a funding round led by global private investment company Baird Capital. The company plans to use the funds for global expansion, R&D innovation, and acquisitions.
Founded in 2019 by Sameet Gupte, Sanjay Koppikar, Deepak Kinger, Arun Hiremath and Naveen Prabhu, EvoluteIQ develops the EIQ platform, which automates complex business processes using its proprietary Agentic Mesh Architecture and AI Workbench. The platform can be applied to end-to-end business workflows in banking and financial services, insurance, healthcare, telecommunications and manufacturing.
“This (funding) shows that if you have a good technology product that customers like and that actually delivers, and if you have a strong go-to-market strategy supported by partners and the ecosystem, then even in this world of AI and constant change, good companies with sound business models are recognised by good investors,” Sameet Gupte, Co-founder and CEO of EvoluteIQ, told YourStory.
“We created the Agentic Mesh Architecture, the central nervous system of our platform, to address entire processes rather than fragments of them. Our vision has always been that the process itself is the problem, not just parts of it. Unlike competitors who focus on workflow, RPA or data extraction, we built technology that can learn, fix itself and automate end to end,” Gupte explained.
EvoluteIQ’s EIQ platform is used by Fortune 500 companies to build systems designed to be autonomous, resilient and adaptable for the future.
“EvoluteIQ has earned its place alongside other automation trailblazers, bringing deep expertise and addressing a critical AI need across the enterprises they serve,” said Daina Spedding, Director in Baird Capital’s Global Private Equity team.
Spedding and Baird Capital’s Mark Donnelly will join the EvoluteIQ board of directors.
EvoluteIQ plans to expand its business internationally while maintaining its strong base in India.
“Over the last six or seven quarters we have seen massive growth in our US and UK business, with healthcare and insurance standing out as key sectors. These remain dominant markets for us, and we intend to continue investing in sales, marketing and go-to-market functions in both regions,” noted Gupte.
The company’s largest research and development centre is in Bengaluru, which remains central to its growth strategy.
“India is also heating up with the rise of GCCs and the accompanying investments, making it another market we will focus on and invest in,” the EvoluteIQ chief said.
The investment will support the expansion of operations in India, with plans to recruit additional talent and grow the team as it develops next-generation technology for AI-led transformation.
The company will also invest in its centre at Menlo Park in the US.
EvoluteIQ will also look at some strategic M&As, but these will be very specific, targeted and impactful as the main focus remains on continuously growing the organic business.
“We will assess opportunities year by year, depending on whether we want to complement our technology or expand in certain geographies such as the US, the UK or continental Europe. If we do pursue acquisitions, they will be predominantly to strengthen our technology or to enter a particular market or sector,” said Gupte.
As of now, the US accounts for 60–65% of the company’s business, Europe makes up around 25–30%, and the remainder comes from Asia and India.
The company has around 125 people, with about 80–85% based in India. It is looking to hire talent primarily in sales and marketing, followed by technology. It will also hire for supporting roles such as finance and accounting.
“Competition at this point in time is very much in flux because this is an evolving market. Many companies claim to offer end-to-end AI-led agentic automation, but if you look at the Gartner Magic Quadrant, the players you actually see are names like ServiceNow,” Gupte said.
He added that a new generation of companies with fresh architectures and five to six years of maturity is emerging strongly. It remains a highly evolving landscape, shaped by both established players and newer entrants.
In October last year, EvoluteIQ raised $20 million in equity and debt led by Round2 Capital.
(Edited by Swetha Kannan)
