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Analytics & AI firm Fractal raises $360 million investment, becomes the second unicorn of 2022

Essentially an analytics service provider, Fractal analytics is one of the world’s most well-funded AI providers. Apart from this, consultancy makes up one of the bulk of Fractal’s business.

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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Also read: Fractal Analytics & Its Fixation With Spinning-Off Product Companies

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.”

Also read: Why Fractal’s Samya Deal Is More Than Just A Product Acquisition

More Great AIM Stories

Poornima Nataraj
Poornima Nataraj has worked in the mainstream media as a journalist for 12 years, she is always eager to learn anything new and evolving. Witnessing a revolution in the world of Analytics, she thinks she is in the right place at the right time.

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