TVS Motor Company, the third largest motorcycle company in India, headquartered in Chennai, has inked an agreement with Scienaptic Systems Inc, a New York-based startup to invest $7 million in the latter’s series A funding, cited Livemint.
While, the company stated that the closing of the investment is subject to obtaining necessary regulatory approvals. The signed investment will be made through TVS Motor Company’s wholly owned subsidiary TVS Motor (Singapore)Pte Limited.
TVS Motor Company is a multinational motorcycle company headquartered at Chennai, India. It is the third largest motorcycle company in India with a revenue of over ₹20,000 crore in 2018-19.
The company has an annual sales of 3 million units and an annual capacity of over 4 million vehicles.
While, Scienaptic Systems is a big data analytics startup which has designed a unique platform called Ether using its proprietary machine learning and artificial intelligence algorithms.
“The investment by TVS enables us to accelerate our sales and product development. We found a significant match in value systems between the two organizations and believe that our collective strengths will enable Scienaptic to grow exponentially and become a global leader in AI-powered decisioning space,” Pankaj Kulshreshtha, founder & CEO, Scienaptic Systems said.
Importantly, TVS Motor’s Singapore-headquartered arm aims to leverage the benefits of digital technologies with a focus on the automotive and fintech industries.
ZestFinance, Provenir, Underwrite.ai, Lenddo, OnDeck, MetricStream, Central Credit, Loanmart, and many more, are the example of data analytics startups, falling under similar category as Scienaptics.