Fractal Analytics, an analytics unicorn that counts private equity firms TPG and Apax Partners as its investors, said Wednesday it has merged artificial intelligence company Eugenie AI with itself.
Fractal plans to use the expertise of Eugenie, which provides products for climate change and industrial sustainability, to expand its portfolio, the company said in a statement. It didn’t disclose financial terms of the transaction.
“The merger of Eugenie reinforces Fractal's commitment to harnessing the power of artificial intelligence to address global challenges and underscores its dedication to sustainability and innovation,” Fractal said.
Eugenie, founded in 2020-21, was previously a step-down subsidiary of Fractal. It was a part of Fractal’s offerings along with products such as Qure.ai, Crux Intelligence, Theremin.ai, and Samya.ai. Fractal later spun it off into a separate entity with majority shareholding.
Srikanth Velamakanni, co-founder, group CEO and vice chairman, Fractal Analytics, told VCCircle the transaction gives an exit to some employees of Eugenie and gives Fractal 100% ownership of the AI firm.
Headquartered in New York, Eugenie is a software-as-a-service-based emissions intelligence platform that helps asset-heavy manufacturers to track, trace, and reduce their emissions. It has clients across sectors such as energy, metals and mining, and among others.
“Eugenie's cutting-edge AI technologies and their commitment to combating climate change align perfectly with our vision to leverage AI for social good,” Velamakanni added.
Fractal, which provides AI-backed services to multiple sectors from consumer to financial services, reported a 54% jump in its revenue to Rs 1,985 crore in FY23. It posted a net profit of Rs 194.4 crore in FY23, driven by a one-time gain of Rs 541 crore.
Founded in 2000, Fractal Analytics provides business analytics services through big data to companies across several sectors. It offers marketing analytics, forecasting, pricing and promotions optimisation services and consumer insights.
The company counts TPG, Malaysian sovereign wealth fund Khazanah Nasional Bhd and Apax Partners as its investors. It last raised Rs 2,700 crore from TPG’s Asia-focused private equity platform, TPG Capital Asia, last year.