Boston-based Artificial Intelligence and big data solutions provider Quantiphi has raised around ₹142 crores ($20 million) from Renuka Ramnath-led PE firm Multiples Alternate Asset Management, as reported by Inc42.
The funds raised will be used to expand market presence in the US and foraying into the European markets. Furthermore, these funds will also be used to strengthen the sales team, boost research and development activities and strengthening the startup’s management team.
Quantiphi was founded by former Philips healthcare senior executive Asif Hasan, former Sasken Commuication Technologies executive Vivek Khemani and two former senior executives of Capgemini Reghu Hariharan and Ritesh Patel in 2013. The startup provides data analytics and machine learning solutions to a number of Fortune 500 companies across multiple sectors including companies like Coca Cola, Google and AWS, among others. Last year, Quantiphi raised around $3.4 million in angel funding.
The startup’s India operations based in Bengaluru and Mumbai are responsible for driving its engineering and delivery operations.
With this investment, Multiples Alternate Asset Management has made its first bet in a deeptech startup. It is the eleventh and the final investment from the firm’s 2015 vintage Plenty Private Equity Fund.
Renuka Ramnath of Multiples PE, said, “We have shown a lot of flexibility on the ticket size, stage of the company and unusual concepts, such as Dream11. We have, therefore, been preparing Multiples to take these kinds of bets which are the best next-generation value creators.”
Exploring future options, the firm is looking to target more technology startups for its third India dedicated fund. Its third fund has a corpus of $560 million and backed by international institutions like International Finance Corporation, a private sector investment arm of the World Bank and Canada Pension Plan Investment Board (CPPIB), among others.