According to an announcement made by Deeptech start-up Quantiphi, it has raised about $20 Mn (INR 142 Cr) from Multiples Alternate Asset management -the private equity firm led by Renuka Ramnath.
Quantiphi headquartered in Boston also has its branches in Bengaluru and Mumbai. It will be reportedly utilising the funds to expand its presence further in North America and Europe, strengthen its leadership team, expand research and development (R&D) functions and grow the sales team in the next two years.
The start-up was founded in 2013 by Vivek Khemani, Asif Hasan, Raghu Hariharan and Ritesh Patel. Currently it is known for providing Artificial Intelligence, Machine Learning as well as Big Data Solutions to Fortune 500 companies across multiple sectors such as consumer packaged goods, insurance, healthcare, media, retail, entertainment and EdTech among others. Prior to this, Quantiphi had raised $3.5 Mn funding from angel investors. Google, Coca Cola AWS are some of its clients.
This was reportedly Multiple Alternate Asset Management’s 11th investment from the fund. The private equity firm aspires for more technology bets in the forthcoming days for its third India dedicated fund, which has a collection of $560 Mn backed by International Finance Corp- the private sector investment group of the Canada Pension plan Investment Board and World Bank.
As per some reports India stood third in the global Artificial Intelligence ecosystem with deeptech start-ups having 5% of the total funding 2017. It was in FY19 Q1 when the deeptech sector recorded a total investment of about $9.58 Mn, only 1% in comparison to e-commerce which attained $958 Mn. Deeptech reportedly turned out to become the only start-up sector in India to receive lower funding than the quarterly average.
Deeptech start-up peAR Technologies raised an unspecified amount of seed funding in November 2019 from Venture Catalysts, a capital venture firm. Also, in September 2019 Myelin Foundry, Bengaluru based deep tech product start-up raised $1 Mn seed funding round led by Endiya Partners.