Deeptech startup Quantiphi, on Friday (December 20), announced that it has raised $20 Mn (INR 142 Cr) from Multiples Alternate Asset Management, the Renuka Ramnath-led private equity (PE) firm.
Headquartered in Boston, Quantiphi has offices in Mumbai and Bengaluru, and will be utilising the funds to expand its presence in North America and Europe, grow the sales team, expand research and development (R&D) functions and strengthen its leadership team in the next two to three years.
Founded in 2013, Quantiphi was started by Asif Hasan, Vivek Khemani, Reghu Hariharan and Ritesh Patel. The company provides artificial intelligence (AI), machine learning (ML) and big data solutions to Fortune 500 companies across sectors such as insurance, consumer packaged goods, retail, media, healthcare, edtech and entertainment among others. Previously, the company had raised $3.5 Mn funding from angel investors. It works with clients such as AWS, Coca Cola and Google and others.
This was Multiple’s 11th investment from the fund. In the coming days, the private equity firm will be looking for more technology bets for its third India dedicated fund, which has a corpus of $560 Mn backed by International Finance Corp, the private sector investment wing of the World Bank and Canada Pension Plan Investment Board.
As per Inc42’s The State Of The Indian Startup Ecosystem 2018 report, India ranked third in the global AI ecosystem, with deeptech startups bagging 5% of the total funding in 2017. In FY19 Q1, the deeptech sector recorded a total investment of $9.58 Mn, a mere 1% compared to ecommerce, which received $958 Mn. Deeptech was the only startup sector in India to have received lower funding than the quarterly average.
In November 2019, Mumbai-based deeptech startup peAR Technologies raised an undisclosed amount of seed funding from capital venture firm Venture Catalysts. In September 2019, Bengaluru-based deep tech product startup Myelin Foundry raised $1 Mn seed funding round led by Endiya Partners.