Analytics and AI solutions company Course5 Intelligence on Thursday said it closed a fundraise of USD 28 million, about Rs 231 crore, from 360 ONE Asset Management, formerly known as IIFL Asset Management Limited.
The fundraise is part of its ongoing USD 55 million, about Rs 455 crore, funding round.
“Course5 Intelligence announced today that they are raising a round of funding of USD 55 million. The company has taken a first close with 360 ONE Asset Management Limited’s Tech Fund which focuses on growth-oriented technology companies. 360 ONE Asset has led the round by investing USD 28 million in Course5,” the company said in a statement.
The company said that it will be closing the balance with other premier investors shortly.
“We have been experiencing strong demand for our analytics and AI solutions with current and new clients. This funding will enable us to continue to invest in augmenting our value proposition for our clients. We are thrilled to have found a strong partner in 360 ONE Asset,” Course5 Intelligence Chairman and CEO Ashwin Mittal said in the statement.
Course5 plans to use investor funds to supplement its strong organic growth with inorganic growth as well as synergistic acquisitions, and also ramp up its investments in innovation and advanced AI technology in areas such as deep learning, computer vision, natural language and generative AI, the statement said.
“The company is in talks with several mergers and acquisitions prospects that would add strategic capabilities or IP to complement its existing bouquet of solutions. Course5 Intelligence is on track to cross USD 100 million revenue in the next fiscal and plans to launch its IPO in the next 18 months,” the statement said.
