Artificial intelligence startup Scienaptic to receive $7 million investment for its AI powered decision platform
TVS Motor Singapore has led a $7 million Series A funding in Scienaptic Systems, a New York City-based startup that provides big data analytics and related solutions through its platform. The investment, which is subject to appropriate regulatory approvals, is part of signed definitive agreements between the two companies.
Founded in 2014 by Pankaj Kulshreshtha, Scienaptic is an AI driven credit underwriting platform for sharpening customers’ credit decisions. Scienaptic has combined latest big data technologies and proprietary machine learning and artificial intelligence algorithms on its decision platform, “Ether.” Solutions built on Ether enable enterprises to improve risk and credit assessment, monitor evolving fraud patterns, and improve customer journeys and experience. Scienaptic counts several marquee Fortune 100 enterprises as its clients.
“We evaluated many companies providing big data analytics and risk management solutions and found Scienaptic’s product offerings and solutions with their ability to help organizations leverage actionable insights through the power of a strong analytics platform to be a clear differentiator and a unique proposition. Scienaptic’s end-to-end data analytics solution, with applicability to customers in various industries, has the potential to generate a new profit stream for our group. We are happy to invest in, and strategically partner with, Scienaptic as they continue to pursue bottom-line impact for Fortune 100 companies, and to leverage Scienaptic for our businesses. Our current investment in Scienaptic is part of the initial set of investments being made in strategically relevant digital startups,” Rajesh Narasimhan, Board Member of TVS Motor Company and CEO of TVS Motor (Singapore), said.
Commenting on the funding, Pankaj Kulshreshtha, Founder & CEO of Scienaptic said, “We are witnessing the adoption of our AI platform at Fortune 100 companies. With the cutting edge instruments on our platform, companies are able to drive adoption of AI in their processes. The investment by TVS enables us to accelerate our sales and product development. We found a significant match in value systems between the two organizations and believe that our collective strengths will enable Scienaptic to grow exponentially and become a global leader in AI-powered decisioning space.”