TheMathCompany, a Bengaluru and Chicago-based data science startup has raised an undisclosed amount of funding in Series A round from entrepreneur and venture capitalist Arihant Patni, who made the investment in his personal capacity.
The startup will use the funding to expand its footprint globally, build next generation platforms, and enhance customer experience.
TheMathCompany is a data science firm that helps organizations buck age-old trends and create demonstrated value with the help of robust data and analytics transformations.
It was founded in 2016 by Sayandeb Banerjee, Aditya Kumbakonam, and Anuj Krishna.
Sayandeb Banerjee, co-founder and CEO of TheMathCompany, said, “We are changing the way organisations go about enterprise-wide transformations, by defining and executing comprehensive and robust analytics strategies.”
With a range of services across data engineering, data science, and solution deployment, the startup employs over 250 data scientists, data engineers, and visualisation experts.
It works with over 30 Fortune 500 clients from industries like CPG, retail, insurance, and banking, across the US, the UK, Singapore, Hong Kong, Europe, and the Middle East.
The startup stated that it is doubling its growth since beginning and targeting an estimated revenue run rate of $10 million in this financial year.
On the other hand, Patni is the managing director of Ideaspring Capital, a Rs 125 crore early-stage fund launched in April 2016. It focuses on enterprise technology.
He is also the MD and co-founder of The Hive, a Silicon Valley big data incubator with offices in Palo Alto, Mumbai, and Bengaluru.
“Having been part of the evolution of Patni computer services, transforming the software delivery space, I see similar potential in TheMathCompany to grow and expand their reach to customers around the world. This is not just a financial investment but a relationship with a team that shares my passion for data science and a commitment to backing the team in the future,” said Patni.
Majority of TheMathCompany’s customers are in CPG, retail and insurance, while it also does service customers in aviation, banking, building specific instances of data science for these companies end-to-end.