Course5 Intelligence Secures USD 53 Million Funding to Drive Growth in Analytics & AI Solutions
- ByStartupStory | June 6, 2023
Course5 Intelligence, an analytics and AI solutions company, has successfully completed a funding round of USD 53 million, led by Nuvama Crossover Series of funds. The funding will be supplemented by Course5’s own cash reserves and accruals, resulting in an M&A war chest of around USD 80 million. The company aims to enhance its portfolio strategically to solidify its position as a leader in AI and analytics solution providers.
Ashwin Mittal, Chairman and CEO of Course5 Intelligence, said, “The data and AI revolution is finally here and the scope and scale of AI deployments across global enterprises are going to rapidly increase in the coming years. Recent advances in Generative AI, natural language and computer perception have completely removed the boundaries of what is possible. We want to ensure we maintain our leadership position amongst AI & Analytics solution providers by adding strategically to our portfolio to maximize our value proposition to global corporates.” Mr. Ashwin further added, “We are pleased to have on board Nuvama as an investor, someone who has a track record of partnering with sector leaders and is aligned to our vision.”
Pranav Parikh, Managing Partner, Nuvama Private Equity, said, “Increase in complexity, type and usage of data across the world and significant advancement in technologies including AI is driving adoption of data driven intelligence through enterprises like never before across the globe. We see this as a structural long-term trend, and strongly believe that Course5 is very well-placed to benefit from this wave of acceleration, given its marquee client base, industry domain expertise and its effective delivery model. We are excited to partner with Ashwin and the Course5 team to accelerate the growth trajectory for the company and build a sustainable strong global enterprise in our domain.”
Commenting on the investment, Vikas Khemani, Founder, Carnelian Asset Advisors Pvt Ltd, said, “Data Analytics and AI is a big revolution ahead of us and growing at a rapid pace transforming and disrupting businesses. Course5 is well placed to capture this huge opportunity over the next decade. We are very excited to be part of this growth journey and believe Course5 will create superior value for all its stakeholders in years to come.”
Course5 Intelligence has a structured M&A agenda and plans to acquire synergistic assets in the US, the UK, and India, with a focus on revenue ranging from USD 10 million to USD 20 million. The company also aims to absorb smaller deep tech AI startups. The funding round will strengthen Course5’s inorganic growth plans and enable it to leverage synergies through new intellectual property, capabilities, talent, and key client relationships.
In addition, Course5 has recently acquired Incivus, an AI-based ad creation and optimization technology startup. Incivus offers a comprehensive evaluation of ad creatives and leverages technologies such as computer vision, computer audition, generative AI, and natural language processing. This acquisition will enhance Course5’s ability to optimize the effectiveness of digital ads, improve ROI, and resonate effectively with target audiences.
ICICI Securities and JM Financial acted as the exclusive financial advisors to Course5 Intelligence. The company is currently in talks with five companies for potential acquisitions and plans to complete two acquisitions within the next 12 months. The investor funds will also be utilized for innovation in specific areas of applied AI through Course5’s AI Labs.
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