Tredence Inc., which provides data analytics services and solutions, has raised $30 million (about Rs 220 crore) from private equity firm Chicago Pacific Founders.
Tredence, which is based in San Jose and Bengaluru, was set up in 2013 and says its platform leverages business analytics, data science and software engineering to provide prediction and optimisation solutions to sectors such as telecommunications, pharmaceuticals, and retail.
Chicago Pacific Founders is based out of Chicago and San Francisco, and says it focusses on investing in growth-stage companies within the healthcare services sector, including institutions caring for ageing populations. Its leadership team comprises former healthcare CEOs, executives, and investment professionals.
In a statement, Tredence – which operates in India via Tredence Analytics Solutions Pvt Ltd – said the investment will help it leverage its artificial intelligence (AI) capabilities through an expansion into the larger healthcare sector.
“Tredence’s impressive track record in delivering analytics strategies, unearthing unique insights, and applying an outcomes-based approach to AI will bring accretive value to our healthcare and senior care portfolio,” Chicago Pacific Founders founder and managing partner Mary Tolan said.
Tredence CEO Shub Bhowmick said the investment will help the company to address challenges in healthcare segments such as access to care, patient outcomes, and advance research.
The company will also use the capital it has raised for expanding its footprint in the United States, as well as expanding to European markets and China.
The investment in Tredence marks another bet on a company leveraging AI and other frontier technologies to disrupt traditional business processes in several sectors. Companies in the space also seek to remove cost inefficiencies in these sectors.
In October, marketing cloud startup Pyxis raised $7 million (Rs 52 crore) in a Series A funding round. The exercise was led by Chiratae Ventures, with participation from Pi Ventures and Exfinity Venture Partners.
Similarly, in July, Nexus Venture Partners led a $12 million (around Rs 89.72 crore) Series A round in connected vehicle software startup Sibros. Participating investors included California-based Moneta Ventures and artificial intelligence-focussed Twin Ventures.