Course5 Intelligence, a data analytics startup, has raised $28 million from 360 ONE Asset Management Ltd (formerly IIFL Asset Management Limited) Tech Fund.
The capital infusion is the first tranche of a larger $55 million round of funding, the company said in a statement Thursday.
Course5 Intelligence, which helps its customers solve issues related to markets and supply chain, plans to use the capital to further its organic and inorganic growth plans as it increases its investment in advanced AI capabilities.
“Course5 has been organically built on its own cash flows to date. We think that this is the right time to raise external capital given our trajectory and the tailwinds in our industry,” said Ashwin Mittal, chairman and CEO of Course5.
“This funding will enable us to continue to invest in augmenting our value proposition for our clients,” he added.
The company serves clients in sectors including technology, media and telecom, life sciences, consumer packaged goods and retail. It wants to expand its footprint in these areas while entering new sectors, too.
The company said it is evaluating several prospects for mergers and acquisitions that would add strategic capabilities or IP to complement its existing bouquet of solutions, it said.
“Data analytics is expected to see strong secular growth over the next decade with companies leveraging AI and advanced analytics to accelerate digital transformation,” said Chetan Naik, Fund Manager at 360 ONE Asset.
Course5 said it expects to cross $100 million in revenue in the next financial year, as it aims for an initial public offering in the coming 18 months.
Course5 joins a number of data science-based companies in raising external capital. In December 2022, Tredence raised $175 million in its Series B fundraise round led by Advent International. Fractal Analytics raised $360 million from PE firm TPG in January 2022, entering the unicorn club, while The Math Company pocketed $50 million last year.
