(Reuters) – Artificial intelligence technology startup Fractal said on Wednesday it has received a $360 million investment from private equity firm TPG through its Asia focused investment platform.
TPG’s involvement in Fractal includes a mix of primary investment and a secondary share purchase from funds advised by buyout firm and existing investor Apax Partners.
The share purchase deal will close by the first quarter of this year, following which Apax will continue to remain a major shareholder of the startup.
Co-founded by Srikanth Velamakanni and Pranay Agrawal in Mumbai in 2000, New York-headquartered Fractal provides artificial intelligence and analytics solutions to Fortune 500 companies.
“We continue to see great momentum in how clients are leveraging AI to accelerate digital transformation,” Velamakanni said in a statement.
The company’s products include Qure.ai that helps radiologists make diagnostic decisions, and Theremin.ai, which aids in investment decisions, among others.
Fractal was weighing options including an initial public offering or a private investment that would value the startup at more than $1 billion, Bloomberg News reported in July, citing an interview with Velamakanni.
The startup has over 3,500 employees spread across 16 locations around the globe including the United States, United Kingdom, India, Singapore, Ukraine and Australia.
(Reporting by Sohini Podder in Bengaluru; Editing by Shailesh Kuber)
