Bengaluru-based private equity fund, True North, has floated Actify Data Labs, a data analytics platform, with an investment of $10 million.The new subsidiary will assist companies that are part of True North’s clientele by providing data solutions.
“We have invested $10 million to start with, and as and when the company grows, we will provide more capital. We don’t expect the business to be capital-intensive,” told Vishal Nevatia, managing partner at True North, to a newspaper.
According to Nevatia, harnessing the core components of the company’s vision in a socially responsible manner will play a key role in the company’s future success. The three components or the 3A’s as the company calls it – analytics, algorithms and artificial intelligence, will be at the core of the new platform.
“Actify will help True North businesses fully harness the power of 3As in a responsible manner in the initial three to five years and after that the company will also service third-party mandates,” added Nevatia.
Hindol Basu, chief executive officer of Actify and an experienced data scientist, revealed that a machine learning and artificial intelligence enabled health care platform is being worked on by Actify. The platform will offer computer based diagnosis of diseases by identifying oddities after analysing clinical records and reports such as CT scan, and X-rays among others. This will aid doctors in making the right diagnosis.
The establishment of a data analytics subsidiary that can provide solutions to the existing clients of the parent equity company can help in establishing a consolidated medium for various services.
In this regard, Harish HV, partner and head of private equity transactions advisory at Grant Thornton India averred, “For funds such as True North that have huge portfolio companies, it makes sense to have a specialised company that makes it easier to attract talent rather than in individual portfolio companies. Going forward, we will see a lot of PE funds adopting this centralised approach for IT, accounting, procurement and compliances needs of all their portfolio companies.”
Enjoyed this story? Join our Telegram group. And be part of an engaging community.