Nuvento raises $3.3 million funding to expand cloud, data offerings
Nuvento, a digital tech services company that builds transformative digital experiences in the cloud, announced an investment of $3.3 million from Tests Assured Inc and an additional $1.5 million to co-develop a cloud-based healthcare technology.
Discussing the transaction, Suraj Arukil, Founder and CEO of Nuvento, Inc. shared, “We’ve seen substantial revenue growth over the past two years, driven primarily by our cloud capabilities, including building transformative digital experiences for our clients. Our Digital ABCD (A- Artificial Intelligence & Automation, B – Business Process Transformation, C- Cloud & Cyber Security, and D- Data) delivers immense value and this investment from Tests Assured will help us scale our US and global operations as we continue to build Nuvento into a leading Cloud Service Provider.”
Demand for digital capabilities is rapidly increasing as companies look to find ways to automate and optimize their operations.
“Nuvento has built up a very strong cloud and AI technologies portfolio, backed by a world-class team of engineers and developers,” said Imad Abdelgawad, CEO and Founder at Tests Assured.” In the past 12 months, Tests Assured has invested in companies specializing in Blockchain, AR/VR, and now with Nuvento, we welcome our first investment in the Cloud space.”
According to Gartner, over half of enterprise IT spending in key market segments will shift to the cloud by 2025.
Many domains that have been non-cloud in the past are now shifting to public cloud services as enterprises adopt distributed cloud solutions, expanding the addressable market. Location-specific requirements such as network bandwidth, data sovereignty and latency concerns are driving enterprise evaluation and accelerating the move to cloud-based technology.
Manoj J Manayathumariyil, Co-Founder and Managing Director of Nuvento, said, “In the last 24 months, Nuvento has been multiplying and diversifying its operations across India & Canada. With this investment, we will continue to expand our global workforce to support our growth. One of the major areas of focus will be our EduHealth™ product line,”
The EduHealth™ product line currently serves 70,000 users, with the user base projected to grow to 250,000 users by 2025.
Touting the benefits of the investment, Sujesh Pulikkal, COO, Chief Advisory of Tests Assured. stated, “Nuvento’s unique capabilities in Data, AI, ML, and Automation bring additional strength to the Tests Assured portfolio of offerings in the cloud-based, digital transformation markets.”
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