Artificial Intelligence and machine learning software and services company Quantiphi has secured $20 million in a funding round from private equity firm Multiples Alternate Asset Management.
The investment has been made from Multiples PE’s second fund which was closed in 2017 at $700 million (including a $150 million co-investment pool).
This investment round, which also witnessed small secondary components, is the first institutional round raised by the company.
The Boston and Mumbai-based Quantiphi would deploy the fresh proceeds towards expanding its presence in the US and European markets, bolster its sales, research & development team along with strengthening the company’s management layer, said an Economic Times report.
Launched in 2013 by Asif Hasan, Vivek Khemani, Reghu Hariharan and Ritesh Patel, Quantiphi is known to help clients find and capture hidden value from data through business acumen, big-data, machine learning. The company provides solutions in major four fields including media, insurance, consumer packed goods and healthcare.
With more than 850 team members and 500 hosting companies, the firm includes AWS, Coca Cola, Amazon, and Google, among its client’s list.
In India, the company’s major operations are based out of Mumbai and Bengaluru. These centres drive its engineering excellence and delivery operations, mainly in the software 2.0 domain
Zorroa, Looker, and Sisense, among others, are counted as the major competitors of Quantiphi.