Tredence, the Data Science and AI Solutions company, has raised USD 175 million in Series B funding from Advent International to hasten the realization of AI value for companies and data-fueled growth. Existing investor Chicago Pacific Founders also took part in the deal.
According to a release, the San Jose-based startup intends to use the investment to maintain its current rate of development, strengthen its vertical capabilities, and broaden its clientele.
With the $175 million investment, Advent, one of the biggest global private equity firms, will purchase a minority position in Tredence. The agreement’s complete financial details have not been made public.
“Advent’s global reach, deep sector expertise, and vast experience in scaling businesses like ours through organic and inorganic growth will be invaluable to us as we look to drive continued business innovation,” said Tredence CEO Shub Bhowmick.
The company created a vertical AI go-to-market strategy to solve industry difficulties in 2021. This strategy combines strong data science skills with a commercial context.
The company’s vertical AI approach will center on ATOM.AI, an integrated accelerator environment that leads businesses from design to experience to value. Private venture funding for the startup has totaled $30 million to date.
“Tredence is leading the way in designing data analytics strategies, uncovering actionable insights, and implementing outcomes-based AI engagement models for clients,” said Mary Tolan, Founder and Managing Partner, Chicago Pacific Founders.
Tredence focuses on solving the last mile problem in AI
Tredence, a company established in 2013 by Shub Bhowmick, Sumit Mehra, and Shashank Dubey, strives to close the gap between delivering insights and realizing their value by providing clients with a unique perspective on data and analytics through specialized solutions.
“Tredence was founded to help clients solve some of the most complex challenges across industries through pragmatic innovation and continuous experimentation. CPF (Chicago Pacific Founders) has been a value-added partner over the last few years, and we are excited to be joined by Advent on this journey,” said co-founder and chief executive Bhowmick.
With offices in San Jose, Foster City, Chicago, London, Toronto, and Bangalore, Tredence employs over 1,800 employees and serves clients in retail, consumer packaged goods, high-tech, telecom, healthcare, travel, and other industries.
“Data analytics is an exciting segment within digital IT services with secular growth. The practice is fueled by the rise in data created and captured globally, the reduced cost of computing and storage, and the opportunity for enterprises to tap into valuable insights to drive competitive advantage,” said Shweta Jalan, Managing Partner at Advent International in India.
