[Funding alert] Global AI solutions provider Quantiphi raises $20M from Multiples Alternate Asset Management
Quantiphi, a US and India-based applied artificial intelligence and big data services company, has raised Series A investment of $20 million from Multiples Alternate Asset Management, an independent, India-focused private equity firm with $1.5 billion under management and a portfolio of 21 companies.
In a statement, the company said Multiples’ investment would fuel growth as Quantiphi builds vertical expertise, strengthens its research and development, and scales its global team to deepen its presence in the North American and European Markets.
Renuka Ramnath, Founder and CEO of Multiples, said,
“We are ecstatic to back Quantiphi, who is doing cutting-edge AI work and has some of the world’s largest companies as their clients. This is the result of a powerful combination of four founders bringing in complementary skills, a highly skilled and customer-obsessed team of 1,000+ engineers, and an impeccable client roster.”
Founded by Asif Hasan, Reghu Hariharan, Ritesh Patel, and Vivek Khemani in 2013, Quantiphi provides applied AI and big data solutions to global Fortune 500 clients across sectors such as CPG, insurance, healthcare, retail, media and entertainment, edtech, and technology. It had previously raised an estimated $3.5 million in angel funding last year.
Quantiphi, which claims to be growing 2x year on year over the past few years, has more than 1,000 employees today, with offices in Boston, Princeton, Toronto, Mumbai, and Bengaluru.
Quantiphi’s Founders said,
“We are elated to partner with Multiples on our journey to transform how businesses solve their toughest and most complex challenges using cutting-edge AI and big data techniques. Multiples has a unique understanding of entrepreneurs and their attention to the people-factor in every business is rare to find.”
Founded in 2009 by Renuka Ramnath, and backed by global pension funds, sovereign funds, development finance Institutions, and other institutional investors, Multiples has investments ranging from minority growth stakes to buyouts, in financial services, technology, consumer, and healthcare and pharma.
(Edited by Teja Lele Desai)