[Funding alert] Data science startup TheMathCompany raises Series A round from Arihant Patni
Bengaluru- and Chicago-based data science startup TheMathCompany on Thursday announced that it has raised an undisclosed amount of funding in Series A round from entrepreneur and venture capitalist Arihant Patni, who made the investment in his personal capacity.
The startup will use the funding to expand its footprint globally, build next generation platforms, and enhance customer experience.
Sayandeb Banerjee, Co-founder and CEO of TheMathCompany, said,
“We are changing the way organisations go about enterprise-wide transformations, by defining and executing comprehensive and robust analytics strategies.”
Founded by Sayandeb Banerjee, Aditya Kumbakonam, and Anuj Krishna in September 2016, TheMathCompany is an artificial intelligence (AI), and machine learning (ML) firm that helps organisations transform intelligence, create demonstrated value, and makes them analytically self-sufficient, a statement said. With a range of services across data engineering, data science, and solution deployment, the startup employs over 250 data scientists, data engineers, and visualisation experts. It works with over 30 Fortune 500 clients from industries like CPG, retail, insurance, and banking, across the US, the UK, Singapore, Hong Kong, Europe, and the Middle East.
The startup stated that it is doubling its growth since beginning and targeting an estimated revenue run rate of $10 million in this financial year.
Commenting on the investment, Arihant Patni, from the Patni Computers Family Office, said,
“Having been part of the evolution of Patni computer services, transforming the software delivery space, I see similar potential in TheMathCompany to grow and expand their reach to customers around the world. This is not just a financial investment but a relationship with a team that shares my passion for data science and a commitment to backing the team in the future.”
Arihant is the Managing Director of Ideaspring Capital, a Rs 125 crore early-stage fund launched in April 2016, that focuses on enterprise technology. He is also the MD and Co-founder of The Hive, a Silicon Valley big data incubator with offices in Palo Alto, Mumbai, and Bengaluru.