Fractal has raised $360 million from TPG in a new financing round, bringing the Mumbai and New York-based AI startup, which counts Google and Wells Fargo among its customers, into the unicorn club as it expands its offerings prepares for an IPO.
According to Srikanth Velamakanni, co-founder and group chief executive at Fractal, the new funding round valued the 21-year-old startup “well north of $1 billion.” TPG Capital Asia, TPG’s Asia-focused private equity platform, invested in the startup. The new round, which brings the startup’s total funding to around $685 million, also includes secondary share purchases.
“Our clients are all looking to digitize their businesses and offer more personalized solutions to their customers. We also work with them on areas such as improving efficiencies, productivity, supply chain planning, and forecasting. This is becoming more and more crucial to firms, especially amid the pandemic,”Srikanth Velamakanni, co-founder and group chief executive at Fractal
Hundreds of Fortune 100 companies rely on Fractal Analytics for artificial intelligence and analytics solutions. (A typical Fractal customer generates at least $10 billion in revenue.) Qure.ai, one of the startup’s offerings, assists radiologists in making better diagnostic decisions. Theremin.ai helps firms improve investment decisions, Eugenie.ai assists in detecting anomalies in high-velocity data, Samya.ai fuels next-generation enterprise revenue growth management, and Senseforth.ai assists in automating customer interactions scale to increase top-line and bottom-line growth.