Data analytics company Course5 Intelligence raises $28 million
Course5 Intelligence's chief executive officer, Ashwin Mittal, $28 million has been raised from 360 ONE Asset Management for the company's data analytics and artificial intelligence (AI) solutions. Additionally, the Mumbai-based business has established a window of 18 to 24 months to carry out its anticipated Rs 600 billion initial public offering (IPO). According to 360 ONE Asset Management, formerly known as IIFL Asset Management, the investment values Course5 Intelligence at about $250 million. The business chose not to comment on the situation.
Mittal, the rise represents the first installment of the $55 million investment round that the company with its headquarters in Mumbai plans to close. The money will be used by the business to support expansion, buy out rivals, and accelerate research in fields like deep learning, computer vision, natural language processing, and generative AI.
"We already have a strong M&A pipeline in place within the AI and analytics space," Mittal claimed. "Over the course of the next year, we want to make two acquisitions, the first of which is likely to happen soon. The second one could come a little later in the year. The business, which derives roughly 80% of its revenue from customers in the US, aims to surpass $100 million in revenue in FY25.
The company said that its revenue from operations in FY21 was Rs 247.19 crore (about $30 million) in their draught red herring prospectus submitted in January 2022. The company halted its plans for an IPO. But according to Mittal, "We are planning to launch our IPO in 18 to 24 months from now." Prior to its anticipated public listing, Course5 Intelligence had made a number of top management hires, including Nitesh Jain as president and chief operating officer and Farid Kazani as executive vice president of corporate development and finance.
1,400 people work for Course5 Intelligence. There are 50 users. Customers have the capacity to derive business effect from data thanks to the company's enterprise analytics platform, which has been linked with OpenAI's GPT models for generative AI. It provides data-driven insights on a variety of operations, including as marketing, supply chain, and customer interactions.
"Course5 has emerged as a leading data analytics and insights player with strong IP-led solutions and deep domain knowledge across technology, media and telecom, life sciences, consumer packaged goods and retail," said Chetan Naik, fund manager and senior executive vice president at 360 ONE Asset. One of the few scalable, lucrative, and very capital-efficient pure-play data analytics firms to come out of India is Course5.
The data analytics industry has been reasonably active despite a financial winter across all sectors. Three more data analytics companies have recently been successful in securing significant funding: TheMathCompany raised $50 million in January 2022; Tredence raised $175 million in December 2022; and THB raised $20 million earlier this month. ThoughtSpot, on the other hand, announced the opening of a new office in Trivandrum, its third R&D centre in the nation, in September and set aside $150 million for its operations in India over the next five years.
Mittal, the rise represents the first installment of the $55 million investment round that the company with its headquarters in Mumbai plans to close. The money will be used by the business to support expansion, buy out rivals, and accelerate research in fields like deep learning, computer vision, natural language processing, and generative AI.
"We already have a strong M&A pipeline in place within the AI and analytics space," Mittal claimed. "Over the course of the next year, we want to make two acquisitions, the first of which is likely to happen soon. The second one could come a little later in the year. The business, which derives roughly 80% of its revenue from customers in the US, aims to surpass $100 million in revenue in FY25.
The company said that its revenue from operations in FY21 was Rs 247.19 crore (about $30 million) in their draught red herring prospectus submitted in January 2022. The company halted its plans for an IPO. But according to Mittal, "We are planning to launch our IPO in 18 to 24 months from now." Prior to its anticipated public listing, Course5 Intelligence had made a number of top management hires, including Nitesh Jain as president and chief operating officer and Farid Kazani as executive vice president of corporate development and finance.
1,400 people work for Course5 Intelligence. There are 50 users. Customers have the capacity to derive business effect from data thanks to the company's enterprise analytics platform, which has been linked with OpenAI's GPT models for generative AI. It provides data-driven insights on a variety of operations, including as marketing, supply chain, and customer interactions.
"Course5 has emerged as a leading data analytics and insights player with strong IP-led solutions and deep domain knowledge across technology, media and telecom, life sciences, consumer packaged goods and retail," said Chetan Naik, fund manager and senior executive vice president at 360 ONE Asset. One of the few scalable, lucrative, and very capital-efficient pure-play data analytics firms to come out of India is Course5.
The data analytics industry has been reasonably active despite a financial winter across all sectors. Three more data analytics companies have recently been successful in securing significant funding: TheMathCompany raised $50 million in January 2022; Tredence raised $175 million in December 2022; and THB raised $20 million earlier this month. ThoughtSpot, on the other hand, announced the opening of a new office in Trivandrum, its third R&D centre in the nation, in September and set aside $150 million for its operations in India over the next five years.
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