Business briefs

Tech firm Clairvolex Thursday said it has raised USD 3.5 million as the second tranche of its series B round funding from California-based Walden Riverwood Capital. The round also saw participation from IndusAge Partners.

Earlier, the company had raised USD 8 million in series B, and USD 4 million in series A, taking its combined raise to USD 15.5 million. These funds were used to build LEAP-IP, an artificial intelligence (AI)-enabled IP solutions platform. "Clairvolex will invest the recent funds to deepen LEAP’s market penetration, expand sales and marketing footprint in the US and Europe. They are also looking at adding more data science and data engineering capabilities in both Bengaluru and Los Altos centres," a statement said.

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WizCounsel raises funds led by Kapil Dev, others * Wizcounsel, an online market network for legal, tax and accounting experts Thursday said it has raised Rs 1 crore in an angel round led by former cricketer Kapil Dev and others.

Sunil Kumar Gupta, founder and chairman of SARC Associates and Manas Fuloria (Nagarro founder and CEO) also participated in the round, a statement said. The funds will be used for marketing, sales and to strengthen current operations, it added.

WizCounsel was launched in March this year and is currently running in beta mode. Till now, the platform has more than 100 verified professionals across different cities.

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Tech Mahindra partners Prometeia, K2View * IT services firm Tech Mahindra Thursday said it has partnered Prometeia to provide governance, risk and compliance services to banks in order to improve their overall performance in line with Basel III framework.

Basel III is a set of international banking regulations developed to promote stability in the international financial system. Tech Mahindra's capabilities in banking risk management and compliance, business intelligence, analytics, data management and system integration, combined with Prometeia's ability to provide local industry specialists will help in effectively responding to regulatory challenges impacting banks all over the world, a statement said.

The company has also formed a global alliance with K2View, a distributed data-as-a-service platform.

* * * * MMTC considering divesting stake in Neelachal Ispat Nigam

* Government-run MMTC Ltd Thursday said it is considering divesting its stake in Neelachal Ispat Nigam. Neelachal Ispat Nigam is promoted by MMTC Ltd, Industrial Promotion and Investment Corporation of Orissa Ltd (IPICOL).

"MMTC considers divestment of MMTC’s equity in the JV company -Neelachal Ispat Nigam Ltd," the company said in a BSE filing.