Data Analytics And Engineering Startup TheMathCompany Bags $50 Mn For Rapid Expansion

Analytics and data engineering startup TheMathCompany has raised $50 Mn funding from a round led by Brighton Park Capital. Existing investor Arihant Patni also participated in the round. 

Founded in 2016 by Sayandeb Banerjee, Aditya Kumbakonam, and Anuj Krishna, TheMathCompany employs nearly 1,000 data scientists and engineers and domain experts. 

It claims to have Fortune 500 clients in the consumer packaged goods (CPG), retail, pharmaceutical, automotive, technology and manufacturing industries in the United States, United Kingdom and the European Union. 

Its Co.dx platform enables data science and engineering initiatives across business functions including marketing, supply-chain management, research and development and finance. The fresh infusion of capital will fuel this platform and the startup’s rapid expansion across markets. 

“We are thrilled to announce Brighton Park Capital’s investment. The firm’s deep technology sector expertise and proven track record of scaling global enterprises will be instrumental to our growth,” said Sayandeb Banerjee, CEO of TheMathCompany.

The global market for data science platforms was estimated to be worth $37.9 Bn in 2019, and was projected to grow at a compound annual growth rate of 30% to reach $140 Bn by 2024. This growth is fuelled by the ever-pervasive need for companies to extract in-depth insights from voluminous data.

“While most players in the industry have taken decades to grow to our size, we have built this strong foundation within five years. As we grow and evolve, this investment will help us continue to bring elevated service and outstanding quality to our customers,” said Aditya Kumbakonam, chief customer and growth officer at TheMathCompany.

Last year, Data Analytics firm Lumiq, which enables financial enterprises to make data-driven decisions, had raised $2 Mn in a seed funding round led by Info Edge Ventures. The round also saw participation from Redstart Labs and angel investor Parampreet Bhasin

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