Data science and analytics startup TheMathCompany Pvt. Ltd has secured an undisclosed sum in funding from Patni family scion Arihant Patni.
Patni, who is the managing director of venture capital firm Ideaspring Capital, has invested in TheMathCompany in his personal capacity, according to various media reports.
Co-founder Aditya Kumbakonam was quoted as saying that TheMathCompany will use the fresh capital to grow its presence in European and Asia-Pacific markets. The startup operates out of Chicago and Bengaluru.
Founded by Kumbakonam, Sayandeb Banerjee and Anuj Krishna in 2016, TheMathCompany builds customised solutions for its clients, offering services such as assessing a company’s analytical capabilities, filling in gaps where required and designing efficient data-based platforms.
The founding trio was previously colleagues at data analytics firm MuSigma.
Arihant Patni is the son of Gajendra Patni, the eldest of the three Patni brothers who founded Patni Computers and later sold it to Nasdaq-listed iGate Technologies for $1.5 billion in January 2011.
Six months from the exit, Arihant along with his brother Amit floated Nirvana Venture Advisors, a VC fund focused on the Internet space in India.
Later in 2013, the duo launched a Big Data-focused early-stage startup fund called The Hive India.
In April 2016, they launched an Rs 125 crore early-stage fund named Ideaspring Capital along with angel investors Doraswamy and Prashant Deshpande. It invests in enterprise-technology startups offering solutions in machine learning and deep learning, computer vision and image processing, Big Data analytics, Internet of Things, augmented and virtual reality, health-tech and fin-tech.
The bet on TheMathCompany marks the latest personal investment by Patni, who is also the managing director at Hive Technologies.
In his personal capacity, Patni has previously invested in companies such as concert-livestreaming platform Playtoome, which raised Rs 2 crore in pre-Series A funding from a group of angel investors in August last year.
In November 2017, the Patni Computers scion backed Bengaluru-based TAO Automation Services Pvt. Ltd, which runs an eponymous machine learning startup.