Malaysian wealth fund Khazanah invests $100 million in Fractal Analytics
Bengaluru | Red Newswire | May 11 1:23 PM IST.
The sovereign wealth fund of Malaysia – Khazanah has pumped $100 million (Rs. 667 crore) in Fractal Analytics, a data analytics company. this makes it the biggest investment 0f 2016 in the field of technology.
Fractal Analytics is an India and US-based company currently a $300 million company. With the funding received, the company plans to invest in growth, artificial intelligence etc. Fractal Analytics has clients including Microsoft, Philips, Franklin Templeton Investments, P&G and Kimberly Clark.
The business analytics sector is expected to see a 5.2% growth and touch $16.9 billion mark in this year.
Srikanth Velamakanni, cofounder of Fractal Analytics said, "There is a revolution underway in advanced analytics, deep learning and visual storytelling. Analytics as we define it may get transformed and the investment from Khazanah will help us invest further in our AI & deep learning-based software stack.” However, he refused to disclose the company’s current valuation.
Several AI – based products have been developed by the company in various sectors including enterprise and healthcare. Recently it launched Cuddle – an AI-based personal assistant that helps executives in making decisions.
Apart from growth, the company will use the funding for further acquisitions. Fractal analytics already acquired two companies last year – Imagna Analytics (an AI startup) and Mobius Innovations (a big-data startup). The company plans to make 5 more acquisitions this year. Velamakanni said, “We will look to acquire companies for the IP that they bring in clients who we don't have right now.”
Its last funding was from TA Associates of Boston in 2013 from which the company raised $25 million. Later in 2014, the company also brought a stake in Aimia – Canada-based loyalty management firm. Some of its early investors include Sasha Mirchandani and Gulu Mirchandani.
Source: ET Bureau