TVS Motor Singapore, a wholly-owned subsidiary of TVS Motor Co, has signed a definitive agreement to invest $7 million (Rs 48 crore) in New York City-based Scienaptic Systems, a Delaware firm leading the Series A funding in Scienaptic. The investment is subject to appropriate regulatory approvals.
TVS Motor says Scienaptic has combined latest big data technologies and proprietary machine learning and artificial intelligence (AI) algorithms on its decision platform , 'Ether'. The company says the solutions built on Ether enable enterprises to improve risk and credit assessment, monitor evolving fraud patterns and improve customer journeys and experience. The company says Scienaptic counts several marquee Fortune 100 enterprises as its clients.
Rajesh Narasimhan, Board member, TVS Motor Company and CEO of TVS Motor (Singapore), said: “We evaluated many companies providing big data analytics and risk management solutions and found Scienaptic’s product offerings and solutions with their ability to help organisations leverage actionable insights through the power of a strong analytics platform to be a clear differentiator and a unique proposition."
Scienaptic’s end-to-end data analytics solution, with applicability to customers in various industries, has the potential to generate a new profit stream for our group. We are happy to invest in, and strategically partner with, Scienaptic as they continue to pursue bottom-line impact for Fortune 100 companies, and to leverage Scienaptic for our businesses. Our current investment in Scienaptic is part of the initial set of investments being made in strategically relevant digital startups,” added Narasimhan.
Pankaj Kulshreshtha, founder and CEO, Scienaptic said: “We are witnessing the adoption of our AI platform at Fortune 100 companies. With the cutting-edge instruments on our platform, companies are able to drive adoption of AI in their processes. The investment by TVS enables us to accelerate our sales and product development. We found a significant match in value systems between the two organisations and believe that our collective strengths will enable Scienaptic to grow exponentially and become a global leader in AI-powered decisioning space.”
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