Tredence, a US- and Bengaluru-based data science and artificial intelligence solutions company, said Friday it has raised $175 million in a Series B funding round from private equity firm Advent International.
Advent will acquire a minority stake in Tredence, adding to its recent bets in the IT sector in firms like Encora, CI&T, NielsenIQ, Neoris, Sophos Solutions, Aareon, Canvia and QuEST Global Services.
Existing investor Chicago Pacific Founders (CPF) will continue to be a “meaningful shareholder” in Tredence, the company said. CPF made its initial investment in Tredence two years ago.
This is the third new deal by Advent in India this year, following its control deal with Avra Labs and a stake in Yes Bank. It has also struck a bolt-on acquisition besides creating the API platform Cohance Lifesciences.
Founded in 2013 by Shub Bhowmick, Sumit Mehra, and Shashank Dubey, Tredence aims to bridge the gap between insight delivery and value realization, providing customers with a differentiated approach to data and analytics through tailor-made solutions.
Advent, alongside Tredence’s co-founders and CPF, will work with the company through continued investment in vertical and domain expertise, IP and accelerator repository, channel partner development, and operational excellence.
Tredence CEO Shub Bhowmick, said: “Advent’s global reach, deep sector expertise, and vast experience in scaling businesses like ours through organic and inorganic growth will be invaluable to us as we look to drive continued business innovation.”
Headquartered in San Jose, Tredence is 1,800-plus employees strong with offices in Foster City, Chicago, London, Toronto, and Bangalore, with the largest companies in retail, CPG, hi-tech, telecom, healthcare, travel, and industrials as clients.
In 2021, the company devised a vertical AI go-to-market strategy that combines deep data science expertise with business context to solve daunting industry problems. The company’s vertical AI strategy will focus on ATOM.AI, an integrated accelerator ecosystem that guides enterprises from design to experience to value.
“Data analytics is an exciting segment within digital IT services with secular growth. The practice is fuelled by the rise in data created and captured globally, the reduced cost of compute and storage, and the opportunity for enterprises to tap into valuable insights to drive competitive advantage,” said Shweta Jalan, Managing Partner at Advent International in India.