Tredence, a startup that specializes in data science and artificial intelligence (AI), has secured a $175 million Series B round of funding from private equity firm Advent International. The firm said in a statement that these monies will be used to “accelerate data-fueled growth” and “AI value realization for sectors” even though the agreement’s entire financial details have not been made public.
A brief about Bengaluru-based Data analytics & AI company Tredence raises $175 million from the PE firm Advent:
As part of this, Advent will become a board member of Tredence. Encora, CI&T, NielsenIQ, Neoris, Sophos Solutions, Aareon, Canvia, and QuEST Global Services are a few recent examples of Tredence’s investments in information technology and information services.
One of Tredence’s current investors, Chicago Pacific Founders, a PE firm that joined in 2020, also participated in the round.
The IT firm with its headquarters in Bengaluru was established in 2013 by co-founders of Indian descent, including Shub Bhowmick, Sumit Mehra, and Shashank Dubey.
Bhowmick, who is also the company’s CEO, commented on the fundraising effort by stating that “Advent’s global reach, deep industry 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.”
Through continuing investment in vertical and domain expertise, IP and accelerator library, channel partner expansion, and operational excellence, Tredence, CPF, and Advent will be able to assist the company in becoming the most indispensable data analytics partner in the world.
Data analytics is a fascinating industry in which Tredence has established a strong domain competence, according to Shweta Jalan, the managing partner at Advent. As they work to become a $500M revenue corporation, Tredence is building, she added, “We are really eager to join with them in the next stage of growth.”
Tredence has offices in San Jose, Chicago, Chennai, Toronto, London, and a few other locations in addition to India.
Additionally supporting Jalan’s assertions, Mary Tolan, the founder and managing partner of CPF, stated: “Through its portfolio of AI/ML solutions, the company has spearheaded world-class data transformation projects for enterprises across industries. We continue to have faith that Tredence will be able to produce long-term financial results for its shareholders.