Data science and artificial intelligence solutions startup Tredence Inc. said late today that it has closed on a bumper $175 million funding round led by Advent International.
The company said it will use the funds from today’s Series B round to accelerate data-fueled growth and AI value realization for multiple industries.
Tredence, founded in 2013, is focused on solving what it says is the “last-mile problem in AI,” which it says is the gap between insight creation and value realization. To that end, it provides enterprises with advisory services and tailor made solutions to analyze data using AI in order to glean insights, with a focus on machine learning, data visualization and data management.
The company caters to multiple industries, including retail, healthcare, financial services, and travel and hospitality. In each case, it offers tools for managing data and customized machine learning models to help clients transform siloed information into useful business insights that can improve operational efficiencies and boost growth.
Tredence claims to have devised unique, vertical AI go-to-market strategies for multiple industries that combine deep data science expertise with business context to solve some of the most daunting challenges its clients face. These vertical AI strategies are primarily focused on ATOM.AI, which is the company’s integrated accelerator ecosystem that guides enterprises from design to experience to value generation.
Tredence said Advent will acquire a minority stake in the company through its investment and work alongside existing investor Chicago Pacific Founders to help it grow its vertical and domain expertise, aid its channel partner development and improve its operational excellence. Through the partnership, Trendence aims to become the most indispensable data and analytics partner to hundreds of enterprises.
Tredence Chief Executive Officer Shub Bhowmick noted that Advent has global reach, deep sector expertise and experience in scaling startups. “Tredence was founded to help clients solve some of the most complex challenges across industries through pragmatic innovation and continuous experimentation,” he said.
Shweta Jalan, managing partner at Advent, said she believes data analytics is one of the most exciting segments within digital information technology services, with growth fueled by the rise in data being created and captured globally, the reduced cost of storage and compute, and the opportunity it provides for enterprises to gain valuable insights. “Tredence has built the business with deep domain expertise that positions it well to become a category-defining leader in the space,” Jalan said.
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