Investments planned for digital startups
A Singapore subsidiary of TVS Motor Company Limited has signed definitive agreements to invest US$7 million in Delaware’s Scienaptic Systems Inc.
TVS Motor (Singapore) Pte Limited led this Series A funding in Scienaptic. The closing of the investment is subject to obtaining appropriate regulatory approvals, said TVS Motor on 22 July 2019.
Scienaptic has combined latest big data technologies and proprietary machine learning and artificial intelligence algorithms on its decision platform, “Ether”.
Solutions built on Ether enable enterprises to improve risk and credit assessment, monitor evolving fraud patterns, and improve customer journeys and experience. Scienaptic counts several marquee Fortune 100 enterprises as its clients.
“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 organizations leverage actionable insights through the power of a strong analytics platform to be a clear differentiator,” said Rajesh Narasimhan, Board Member of TVS Motor Company and CEO of TVS Motor (Singapore).
“It has the potential to generate a new profit stream for our group,” he stressed.
“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,” said Narasimhan.
Pankaj Kulshreshtha, Founder & CEO of Scienaptic, added, “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 organizations and believe that our collective strengths will enable Scienaptic to grow exponentially and become a global leader in AI-powered decisioning space.”
TVS Motor Company, a public listed company in India, is a highly-reputed two and three-wheeler manufacturer, and the flagship company of the US$8.5 billion TVS Group.
TVS Motor (Singapore) is being leveraged to operationalize a digital technology startup focused on the Automotive and Fintech industries, with portfolios and offerings that will deliver high quality solutions to help address real life business challenges by harnessing the power of Analytics, Artificial Intelligence (AI), Augmented Reality (AR), Internet of Things (IoT), Machine Learning (ML) and Virtual Reality (VR). The strategy adopts both inorganic and organic means for the initial build out and subsequent expansion and growth.
Scienaptic, headquartered in New York City, is an AI-powered decision-making platform company. fiinews.com
