Malaysian sovereign wealth fund Khazanah Nasional Berhad will invest up to $100 million (Rs 667 crore) in Fractal Analytics, the India- and US-based data analytics provider said.
“There is a revolution underway in advanced analytics, deep learning and visual storytelling. The investment from Khazanah will help us invest further in our AI (artificial intelligence) and deep learning-based software stack,” Srikanth Velamakanni, co-founder and CEO of Fractal Analytics, said in a statement.
Chinta Bhagat, executive director at Khazanah, said the funds will help Fractal "dramatically accelerate" its programmatic investments and acquisitions.
The big funding round comes three years after the company raised $25 million from private equity investor TA Associates. Canadian firm Aimia Inc., which provides loyalty management programmes to enterprises, and Gulu Mirchandani, chairman of consumer electronics firm Onida, are some of Fractal’s current investors.
Fractal Analytics was founded in 2000 by IIM Ahmedabad alumni Velamakanni and Pranay Agrawal along with Nirmal Palaparthi, Pradeep Suryanarayan and Ramakrishna Reddy. Palaparthi, Suryanarayan and Reddy have quit the company. Now headquartered in the US, Fractal has offices in London, Mumbai, New Delhi, Singapore and Dubai.
Palaparthi, an IIM Ahmedabad and IIT Madras alumnus, quit Fractal in 2012 and launched Mobius Innovations, a mobile-based context-aware Big Data startup based in Singapore. Fractal acquired in January last year.
Fractal partners with consumer companies, retailers and financial institutions to understand, predict and influence consumer behaviour and improve marketing, pricing, supply chain, risk and claims management. The company also builds analytics solutions and forecasts business performance.
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