True North, an Indian private equity firm, on Tuesday announced the launch of Actify Data to help portfolio companies through analytics, algorithms and artificial intelligence. The PE firm has also committed an initial investment of $10 million for its subsidiary venture.
“Actify Data Labs is already working with True North’s portfolio companies and is helping them leverage the transformative power of 3A (analytics, algorithms and artificial Intelligence) and build internal capabilities,” according to a statement issued by True North.
Actify Data Labs will be led by Hindol Basu, who was earlier head of Tata Industries Ltd’s analytics division.
True North, which initially begins to offer services to its portfolio companies, aims to cater to its data-centric services to other companies and expand to overseas markets.
According to the PE firm, Actify Data Labs is investing heavily in research, innovations and development of product platforms. It is also targeting bringing on board 10-12 data scientists by the end of the current financial year.
Launched in 1999, True North, which focuses on investing in profitable, mid-sized businesses, has launched five separate investment funds with a combined corpus totalling over $2 billion.
True North on Tuesday witnessed another major development, with Asian Development Bank (ADB) investing $50 million in True North VI LLP (True North VI). The investment aims to provide equity capital to middle-market companies in India embarking on their next phase of growth.
Another important news which comes from the company is the resignation of its founding partner Vikram Nirula, according to Livemint.
“I can confirm that I have put in my papers and will not be part of the new fund,” Nirula said, without disclosing his future plans.
Nirula was responsible for investments in consumer companies, retail firms, financial services and industries.