TVS Motor Company Ltd is investing an additional $1.95 million (Rs 14 crore) in New York City-based big data analytics startup Scienaptic Systems Inc.
The fresh capital infusion will help Scienaptic develop its technology platform, the Indian two-wheeler maker said in a stock-exchange filing.
This investment is part of the startup’s Series A funding round. In July last year, TVS Motor had led the Series A round by investing $7 million (Rs 48.25 crore then) in Scienaptic.
TVS had said at the time that Scienaptic combined big data technologies and proprietary machine learning and artificial intelligence algorithms on its decision platform Ether. Solutions built on Ether help enterprises improve risk and credit assessment, monitor evolving fraud patterns, and improve customer experience, it said.
Rajesh Narasimhan, a board member at TVS Motor, had said that the company evaluated many startups providing big data analytics and risk management solutions before investing in Scienaptic. Narasimhan also said that Scienaptic’s end-to-end data analytics solution, with applicability to customers in various industries, has the potential to generate a new profit stream for the $8.5 billion TVS Group.
Scienaptic, led by founder and CEO Pankaj Kulshreshtha, was set up in 2014. It recorded revenue of $2.86 million for 2018-19, up from $1.51 million the year before.
Apart from Scienaptic, TVS has invested in a few other startups as well. In May last year, it invested $3.85 million in machine learning company Tagbox Solutions as part of a Series A funding round. The month before, TVS invested in Pune-based Altizon Systems Pvt. Ltd, which develops solutions based on industrial Internet of Things.
Previously, TVS had invested in electric bike maker Ultraviolette Automotive Pvt. Ltd and RentOnGo, an online marketplace for renting bikes and appliances.