India-based global data analytics and engineering firm TheMathCompany has raised US$50 million in funding led by an investment firm Brighton Park Capital that specializes in healthcare, software, and tech-enabled services businesses. The funding round was also joined by its existing investor Arihant Patni.
The fresh investment will accelerate TheMatheCompany’s expansion plans in the US and EU markets. The funding will also be used to enhance Co.dx, its next-generation proprietary platform which drives value for its clients through analytics at scale and speed.
Jeff Machlin, partner at Brighton Park, will join TheMathCompany’s board.
“We have seen fantastic growth year-on-year and have been doubling in size for the past five years,” Sayandeb Banerjee, chief executive of TheMathCompany told ET. “Our goal is to continue to maintain that 100% growth rate for the next five years as well. In order to support that growth, there are a few buckets where this funding will be utilised. First and foremost, we will spend on our overall go-to-market capabilities and strengthen it a lot more.”
“People are the backbone of this business,” Banerjee said. “We will look at strengthening people—both on the frontend in the US and Europe side to provide even better experience to our clients and to build the right level of expertise and depth, be it verticals or horizontals from an India perspective.”
Mark F. Dzialga, managing partner of Brighton Park Capital said, “TheMathCompany is positioned for continued success as it strengthens its brand recognition and expands in the US and EU markets, supporting customers on their missions to capture value through data analytics.”
Founded in 2016 by Aditya Kumbakonam, Anuj Krishna, and Sayandeb Banerjee TheMathCompany is a data science firm that helps organizations buck age-old trends and create demonstrated value with help of robust data and analytics transformations.
TheMathCompany employs nearly 1000 domain experts, data scientists, and data engineers. The company represents and partners with Fortune 500 customers across retail, CPG, pharma, automotive, technology, and manufacturing industries in the UK, US, and EU.
The firm competes with the likes of Tiger Analytics, Tredent, Fractal Analytics, and MuSigma.