Tredence, a data science and artificial intelligence (AI) service provider, has raised USD 175 million in a Series B funding round led by Advent International, with participation from existing investor Chicago Pacific Founders.
The San Jose-based company plans to use the funding to build on its growth momentum, strengthen vertical capabilities, and expand its customer base, it said in a statement.
Tredence was founded in 2013 by Sumit Mehra, Shub Bhowmick and Shashank Dubey with the goal of bridging the gap between insight delivery and value realisation by providing clients with a distinct approach to data and analytics through tailor-made solutions.
“Tredence was formed to assist customers in solving some of the most challenging issues across sectors via pragmatic innovation and ongoing experimentation. “CPF (Chicago Pacific Founders) has been a valuable partner over the previous three years. We are pleased to be joined on this adventure by Advent,” stated cofounder and CEO Bhowmick.
Tredence has nearly 1,800 employees with offices in San Jose, Foster City, , London, Toronto, Chicago and Bangalore, with clients in retail, consumer packaged goods, high-tech, telecom, healthcare, travel, and other industries.
In 2021, the firm established a vertical AI go-to-market approach to tackle industry challenges through the combination of strong data science skills and commercial context. The company’s vertical AI approach will center on ATOM.AI, a comprehensive accelerator environment that helps organizations from design to experience to value.
Advent International is a worldwide private equity firm that focuses on company buyouts in Western and Central Europe, , Latin America, and Asia. Encora, CI&T, NielsenIQ, Neoris, Sophos Solutions, Aareon, Canvia, and QuEST Global are among the most recent IT and information services investments. Tredence has so far secured USD 30 million in private equity investment.
Managing Partner at Advent International in India,Shweta Jalan, stated:
“Data analytics is a very intriguing industry of digital IT services with secular growth. “The practice is propelled by the increase in data collected and recorded globally, the lower cost of computation and storage, and the possibility for organizations to tap into useful insights to achieve competitive advantage.”
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