The company Course5 Intelligence, which provides analytics and artificial intelligence (AI) solutions, announced on Thursday that it is raising $55 million in a new round of funding.
The company announced in a statement that it had entered into a first close with the Tech Fund of 360 ONE Asset Management Limited, which specializes in technology companies with a growth-oriented business model (previously known as IIFL Asset Management Limited).
The round’s $28 million lead investment was made in Course5 by 360 ONE Asset.
The business will soon close the deal with the other top investors.
In addition to stepping up its investments in innovation and cutting-edge AI technology in fields like deep learning, computer vision, natural language processing, and generative AI, Course5 intends to use investor funds to supplement its strong organic growth with inorganic growth and synergistic acquisitions.
The funding will also be used to expand Course5’s presence in the markets it currently serves and to expand into new, strategically important markets.
The company is reportedly in talks with a number of merger and acquisition (M&A) prospects who would add strategic capabilities or intellectual property to complement its current array of solutions.
Course5 Intelligence stated that it is on track to surpass $100 million in revenue in the upcoming fiscal year and that its IPO will be announced in the following 18 months.
It should be noted that Course5 has been expanding quickly and generating reliable financial results.
“Course5 has been organically built on its own cash flows to date. We have always believed in being capital efficient and think that this is the right time to raise external capital given our trajectory and the tailwinds in our industry,” said Ashwin Mittal, Chairman, and Chief Executive Officer of Course5 Intelligence.
He claims that both existing and potential customers have been in high demand for the company’s analytics and AI solutions.
“Analyst recognitions for our IP-based products and solutions have also been pouring in and testify to the kind of value we are creating for our clients,
“Course5’s growth and client wins are largely due to our focus on building a world-class talent pool, driving innovation through our AI Labs, and creating business impact through the work we do,” he said.
He added that this funding would allow the company to keep making investments to improve the value it offers to clients.
“We are thrilled to have found a strong partner in 360 ONE Asset. They have a strong understanding of the technology landscape and have made many successful bets,” he added.
