Fractal, a US-based artificial intelligence firm, became the second unicorn in 2022 with an investment of $360 million from TPG Capital Asia, a private equity firm. The funding will end by the first quarter of 2022.
After Mu Sigma, this is the second firm in India in the pure-play analytics space to get the unicorn status. The investment has come at a time when the analytics space is gaining huge interest from investors.
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Fractal was founded in 2000 in Mumbai and later moved to the US in 2005 by five people, including group CEO Srikanth Velamakanni and Pranay Agrawal, CEO. The company has about 3,500 employees working across 16 locations worldwide, including the US, UK, Ukraine, India, Singapore, and Australia. Fractal’s products include Qure.ai, which assists radiologists in their diagnostic decisions.
In a statement, Srikanth Velamakanni, Co-founder & Group CEO, Fractal, said, “TPG’s capabilities across all our markets and their proven success in building and supporting top AI providers is the perfect complement to the partnership we’ve enjoyed with Apax, whose insight and expertise have been instrumental in accelerating our growth.”
Pranay Agrawal, Co-founder & CEO, Fractal, said in a statement, “The demand for AI is surging across the enterprise. The investment from TPG will accelerate our ability to scale and meet this rising demand globally.”
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