Mumbai: Analytics and AI solutions company, Course5 Intelligence said it is raising a $55 million funding round. As part of this round, it has secured $28 million from 360 ONE Asset Management’s (formerly known as IIFL Asset Management Limited) Tech Fund which focuses on growth-oriented technology companies.
Course5 Intelligence said that it will be closing the balance funding with other premier investors shortly.
The company has plans to use the funds to supplement its strong organic growth with inorganic growth through acquisitions. And will also ramp up its investments in innovation and advanced AI technology in areas such as deep learning, computer vision, natural language and generative AI.
With the fresh funding, Course5 aims to expand its footprint in the current industries it serves, while also entering new sectors that are relevant to its business.
The company said it’s in talks with several M&A prospects that would add strategic capabilities or IP to complement its existing bouquet of solutions. And it is on track to cross $100 million in revenue in the next fiscal and plans to go public with an IPO in the next 18 months, the company said in the statement.
“This funding will enable us to continue to invest in augmenting our value proposition for our clients. We are thrilled to have found a strong partner in 360 ONE Asset. They have a strong understanding of the technology landscape and have made many successful bets,” said Ashwin Mittal, Chairman and CEO of Course5 Intelligence.
Data Analytics is expected to see strong secular growth over the next decade with companies leveraging AI and Advanced Analytics to accelerate digital transformation, according to Chetan Naik, Fund Manager and Senior EVP – 360 ONE Asset.
“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. Course5 is amongst the few scaled, profitable, and highly capital efficient pure-play data analytics players out of India,” said Naik.
“Ashwin Mittal has built a highly respected and market-leading company, and we are excited to partner with Ashwin on the next journey of growth and value creation,” added Naik.