Fractal Analytics, an India-based big data software producer backed by loyalty and marketing analytics firm Aimia, announced yesterday it had agreed a $200m investment by funds advised by Apax Partners.
The deal is expected to close next month and will value the company at $500m. It consists of a primary investment and a secondary stake purchase, with Malaysian sovereign wealth fund Khazanah Nasional and private equity firm TA Associates both set to divest shares.
Founded in 2000, Fractal provides specialised text, image and video analytics services to businesses in industries such as financial services, healthcare and retail. Its products include Qure.ai, which helps radiologists detect abnormalities in CT scans.
The company has grown its workforce to more than 1,200 consultants across 15 international offices and will use the funding to accelerate growth, including through acquisitions, and to invest further in artificial intelligence technologies.
Fractal had previously raised $100m from Khazanah Nasional in 2016, having collected an undisclosed sum from Canada-based Aimia in 2014 as part of a strategic partnership agreement and $25m in funding from TA Associates in 2013.
The company had already secured $60,000 from angel investor Gulu Mirchandani, who will remain an investor following the latest round.
