Data science startup Tredence raises $175 million in funding led by Advent International

December 23, 2022 / 11:10 AM IST

Tredence, a data science and artificial intelligence (AI) service provider, has raised $175 million in a Series B funding round led by Advent International, with participation from existing investor Chicago Pacific Founders.

The San Jose-based company plans to use the funding to build on its growth momentum, strengthen vertical capabilities, and expand its customer base, it said in a statement.

“Advent will acquire a minority stake in Tredence with the $175 million investment,” the statement said.

Tredence, founded in 2013 by Shub Bhowmick, Sumit Mehra, and Shashank Dubey, aims to bridge the gap between insight delivery and value realisation by offering customers a differentiated approach to data and analytics via tailor-made solutions.

“Tredence was founded to help clients solve some of the most complex challenges across industries through pragmatic innovation and continuous experimentation. CPF (Chicago Pacific Founders) has been a value-added partner over the last few years, and we are excited to be joined by Advent on this journey,” said cofounder and chief executive Bhowmick.

Tredence employs over 1,800 people and has offices in San Jose, Foster City, Chicago, London, Toronto, and Bangalore, with clients in retail, consumer packaged goods, hi-tech, telecom, healthcare, travel, and other industries.

In 2021, the company developed a vertical AI go-to-market strategy to solve industry problems by combining deep data science expertise with business context. ATOM.AI, an integrated accelerator ecosystem that guides enterprises from design to experience to value, will be the focus of the company’s vertical AI strategy.

Advent International is a global private equity firm focused on buyouts of companies in Western and Central Europe, North America, Latin America, and Asia. Among the most recent investments in IT and information services are Encora, CI&T, NielsenIQ, Neoris, Sophos Solutions, Aareon, Canvia, and QuEST Global Services.

Tredence has raised $30 million in private equity funding to date.

“Data analytics is an exciting segment within digital IT services with secular growth. The practice is fueled by the rise in data created and captured globally, the reduced cost of computing and storage, and the opportunity for enterprises to tap into valuable insights to drive competitive advantage,” said Shweta Jalan, Managing Partner at Advent International in India.