AI Startup Fractal Becomes Unicorn With $360 Million Investment From TPG
By Manish Singh
Fractal has raised $360 million from TPG in a new financing round and entered the unicorn club as the Mumbai and New York-based AI startup, which counts Google and Wells Fargo among its customers, scales its offerings and begins preparation for an IPO.
The new financing round valued the 21-year-old startup “at well north of $1 billion,” said Srikanth Velamakanni, co-founder and group chief executive at Fractal, in an interview with TechCrunch. TPG invested in the startup through its TPG Capital Asia, its Asia-focused private equity platform. The new round, which brings the startup’s all-time raise to about $685 million, involves some secondary share purchase as well.
Fractal Analytics provides artificial intelligence and analytics solutions to scores of Fortune 100 firms. (A typical customer of Fractal generates at least $10 billion in revenue.) The startup’s offerings include Qure.ai, which assists radiologists in making better diagnostic decisions. Theremin.ai helps firms improve investment decisions, Eugenie.ai assists in finding anomalies in high-velocity data, Samya.ai is fuelling next-generation enterprise revenue growth management and Senseforth.ai helps automate customer interactions at scale to grow top-line and bottom-line.