- Tredence newly raised USD 175M for data-fueled growth and AI value realization.
- With the new funds, there is no looking back in the segment of digital information technology services and deep domain expertise.
Data science and Artificial Intelligence (AI) solutions startup Tredence Inc. said on December 22, 2022 that it has closed on a bumper USD 175 million funding round led by Advent International.
The company said it will take the funds from today’s Series B round to expedite the data fueled growth and AI value realization for various industries.
The company was found in 2013 and is focused on solving the “last-mile problem in AI” which seems like a gap between insight creation and value realization. In that regard, it provides enterprises with advisory services and tailor-made solutions to analyze data using AI to check insights, with an eye on machine learning, data management, and data visualization.
The company serves multiple industries including healthcare, financial services, retail, travel and hospitality. In every case, it provides tools for managing data and customized machine learning models to help clients transform siloed information to impactful insights that can work on operational efficiencies and boost growth.
Tredence claims to provide unique, vertical AI go-to market strategies for various industries combining deep data science skills with business context to work on challenging tasks that clients face. The vertical AI strategies are based on ATOM.AI, it is company’s integrated accelerator ecosystem taking enterprises from design to experience to value generation.
The company said that Advent will acquire a minority stake in the company due to its investment and work along with existing investor Chicago Pacific Founders for inclining toward vertical and domain expertise, help the channel partner development and enhance operational excellence.
The partnership is a medium to become the most indispensable data and analytics partners to hundreds of organizations.
Tredence Chief Executive Officer Shub Bhowmick noted that Advent has a worldwide reach, expertise, and experience in scaling startups. “Tredence was founded to help clients solve some of the most complex challenges across industries through pragmatic innovation and continuous experimentation,” he said.
Shweta Jalan, managing partner at Advent, stated that she thinks data analytics is one of the most interesting segments within digital information technology services, with growth driven by the increase in data being created and captured globally, the dropping cost of storage and compute, and the chance it provides for businesses to gain insightful information. “Tredence has built the business with deep domain expertise that positions it well to become a category-defining leader in the space,” Jalan said.