Tredence, a big data analytics company, has announced securing $30 million from private equity firm Chicago Pacific Partners in order to expand its AI capabilities into the healthcare industry and accelerate job creation in the US and abroad.
Shub Bhowmick, Chief Executive Officer at Tredence, believes the pandemic has further highlighted how the healthcare industry is primed for disruption, and artificial intelligence plays a crucial role in fast-tracking real information. According to the news, Bhowmick stated that AI is a long-awaited catalyst for driving meaningful change across the healthcare continuum, whether it be to help address disparities in access to care, optimise patient outcomes or advance research, and the investment by Chicago Pacific Founders will help the company embark on this transformation.
Tredence, which has been one of the leading analytics solutions providers, implements machine learning algorithms to develop analytics solutions for its customers. Chicago Pacific Founders, being a private equity firm specialising in healthcare services, the partnership will help Tredence to showcase their AI and ML capabilities in this ever-expanding market.
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As per the company, the funds will be used for expanding its geographic footprint in Europe and China and enhance its existing operation in domains like CPG, industrials, technology, and telecommunications.
The company was capable of increasing its global workforce by 10% over the past six months and continues to hire despite the pandemic. It has also grown its US workforce by 15% and counting over the last six months. In terms of India, the company opened two new offices last month.
Mary Tolan, CPF Founder, and Co-Managing Partner of CPF, also stated to the media that, Tredence’s impressive track record in delivering analytic strategies, providing unique insights, and applying an outcomes-based approach to AI would be extremely beneficial to CPF’s healthcare portfolio. She believes both the companies share a vision of harnessing artificial intelligence in augmenting healthcare decision making, patient-centred outcomes, and care delivery.