NeoGeo Raises $20 Million Series A As Razorpay Launches Vulcan

NeoGeoInfo Technologies has raised $20 million in a Series A round co-led by Neev II Fund, managed by SBI Ventures, and Aavishkaar Capital, while fintech unicorn Razorpay launched Vulcan — a transformer-based AI payments foundation model — on August 18, 2026. The Gurugram-based geospatial startup said it will use the fresh capital to expand its technology platforms, boost R&D and enter international markets across the Middle East and the Americas. Razorpay’s Vulcan, developed with NVIDIA and AWS, has been trained on nearly 3 trillion data points spanning 4 billion payments and uses roughly 3,000 signals per transaction to power routing, fraud detection, risk assessment and checkout personalisation.

"NeoGeo is a strong fit for [Neev II Fund’s] thesis on climate-positive deep technology," the investors said, highlighting the startup’s alignment with areas such as clean energy and resource efficiency. Razorpay framed Vulcan not as an LLM but as "a foundation model that understands the language of the movement of money."

NeoGeoInfo operates across the full geospatial value chain — from data acquisition and processing to AI/ML analytics and industry-specific software platforms. The company has developed four proprietary products: OptiFleet for fleet management and analytics, GeoBalance for site suitability and natural resource management, UrbanVista for mapping and public services, and InfraSync for infrastructure asset management. To date NeoGeo says it has completed more than 200 projects and mapped over 500,000 square kilometres across India.

The funding comes amid a growing addressable market: India’s geospatial analytics sector is estimated at $1.81 billion in 2026 and projected to grow to $3.55 billion by 2031, while the global market is estimated near $108 billion in 2026 and projected to reach $196 billion by 2031. Investors backing NeoGeo — including a government-affiliated vehicle, SBI Ventures — signal continued institutional interest in deep-tech infrastructure firms that serve public and corporate clients.

On the payments side, Razorpay’s Vulcan represents a consolidation of payment intelligence into a single foundation model rather than multiple discrete ML systems. Built on Amazon SageMaker and trained and deployed on NVIDIA accelerated computing infrastructure, Vulcan leverages around 3,000 transaction-level signals and a training corpus of nearly 3 trillion data points to make real-time payment decisions. Razorpay says early customers, including Blinkit, Bachatt and redBus, have already started using Vulcan capabilities in live environments ahead of full roll-out.

Context and implications

• NeoGeo will direct the $20 million toward platform expansion, R&D and geographic expansion into the Middle East and the Americas.
• Razorpay plans to extend Vulcan beyond routing and fraud to authentication and lending, building a single AI layer across more payment decisions.
• India’s digital ecommerce market is a cited tailwind for payments innovation; Razorpay projects the market could reach $350 billion by 2030.

Both announcements underline distinct trajectories within India’s startup landscape in 2026: continued capital flows into deep-technology infrastructure providers such as NeoGeo, and rapid AI-driven productisation within fintech exemplified by Razorpay’s Vulcan. For NeoGeo the immediate task will be converting capital into international deployments and strengthened product-market fit across new regions. For Razorpay, the challenge is operationalising a large-scale foundation model across heterogeneous payment rails while preserving reliability and compliance as usage expands.