India-based startup Fractal Analytics is planning for an initial public offering (IPO) to increase its growth. The current pandemic has changed the working system of many companies as now enterprises and shifting to cloud-based solutions, which has helped data service providers a massive boost in their growth.
The CEO and co-founder of Fractal Analytics, Shrikanth Velamakanni, said that the startup has already received a funding of $325 million from several investors, including Apax Partners, and he expects that the company would soon raise a capital of $1 billion shortly.
Velamakanni said, “The floodgates have opened. We have the scale to be a public company. The firm expects its revenue to increase by 37% by the year 2022 if things go according to its plan.
Fractal Analytics was founded by Velamakanni, Pranay Agarwal, Nirmal Palaparthi, Pradeep Suryanarayan, and Ramakrishna Reddy in 2002. The first office was opened in Mumbai but now has its headquarters in New York.
The company provides artificial intelligence-powered services for consumer goods, healthcare, financial, technology, and insurance industries. Industry-leading companies like Google, Reckitt Benckiser Group, and Wells Fargo use Fractal’s services.
The startup is currently developing a new technology, Crux Intelligence, that would use machine learning and natural language processing to enable its clients to gather business data, analyze them, and seamlessly convert them into action.
Kathy Leake, Head of the Crux Intelligence team, said, “It’s like the Siri or Google Assistant for businesses. Customers can query in simple language and have data analysis and personalized business insights at their fingertips.” The company has many more projects in its pipeline such as Eugenie.ai, Qure.ai, and Theremin.ai