Deep tech startup Quantiphi raises USD 20 Mn

Quantiphi, a US and India based Applied Artificial Intelligence and Big Data services company, has announced a Series A investment of USD 20 million from Multiples Alternate Asset Management, India’s leading Private Equity platform with USD 1.5 Billion under management.

Quantiphi provides Applied AI and Big Data solutions to global Fortune 500 clients across sectors viz. CPG, Insurance, Healthcare, Retail, Media and Entertainment, Ed-tech, and Technology. They are a premier AI partner to Google (GCP), Amazon (AWS), Nvidia and TensorFlow.

Quantiphi’s Founders said “We are elated to partner with Multiples on our journey to transform how businesses solve their toughest and most complex challenges using cutting-edge AI and big-data techniques. It has been a great experience working with the Multiples team. Multiples has a unique understanding of entrepreneurs and their attention to the people-factor in every business is rare to find.”

Quantiphi was founded by Asif Hasan, Reghu Hariharan, Ritesh Patel and Vivek Khemani – over six years ago. They have more than 1,000 employees today, with offices in Boston, Princeton, Toronto, Mumbai and Bengaluru. Growing 2x year-on-year over the past few years, Multiples’ investment will fuel growth, as Quantiphi builds vertical expertise, strengthens its research and development, and scales its global team to deepen its presence in the North American and European Markets.

Renuka Ramnath, Founder and CEO of Multiples said “We are ecstatic to back Quantiphi, who is doing cutting-edge artificial intelligence work and having some of the world’s largest companies as their clients. This is the result of a powerful combination of four founders bringing in complimentary skills, a highly skilled and customer-obsessed team of 1,000+ engineers, and an impeccable client roster. This excited us to partner with Quantiphi, having chased the artificial intelligence thesis for the last two years.”

Multiples is an independent, India-focused private equity firm founded in 2009 by Renuka Ramnath, and backed by global pension funds, sovereign funds, Development Finance Institutions, and other institutional investors. Multiples has investments ranging from minority growth stakes to buyouts, in financial services, technology, consumer, and healthcare and pharma.