TVS Motor Company on Monday said it has inked a pact to invest USD 7 million (around Rs 48.25 crore) in New York-based Scienaptic Systems Inc, which has an engineering centre in Bengaluru.
TVS Motor (Singapore) Pte Ltd, a wholly-owned subsidiary of the company, has signed definitive agreements to invest in Scienaptic, a Delaware corporation, TVS Motor Company said in a statement.
Headquartered in New York, Scienaptic was started in 2014 by Pankaj Kulshreshtha and has an engineering centre in Bengaluru. The company has received strategic investments from the senior industry leader and former Nasscom Chairman, Pramod Bhasin.
Scienaptic has combined latest big data technologies and proprietary Machine Learning (ML) and Artificial Intelligence (AI) 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 has several Fortune 100 enterprises as its clients.
“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,” Board Member of TVS Motor Company and CEO of TVS Motor (Singapore) Rajesh Narasimhan said.
Scienaptic Founder and CEO Pankaj Kulshreshtha said the investment by TVS enables it to accelerate its 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,” he added.
TVS shares Monday ended 4.12 per cent down at Rs 379.65 on the BSE.
To recall, in May TVS Motor, along with and its Singapore-based subsidiary, had invested $3.85 million in TagBox, a Bangalore-based IoT and Analytics solutions startup catering Cold Chain Logistics supply chain market,