There is a surge in the collaboration between multi-national companies and startups through acquisitions and funding. These investments are constantly giving a boost to both the sides, serving companies with new age technologies for the growth of their businesses and wide exposure to the startups.
As part of its another strategic investment in startups, TVS Motor Company Limited has inked a definitive agreement with New York-based Scienaptic Systems Inc to plunge $7 million in the latter’s series-A funding. The company, in a filing to the BSE, said that the closing of the investment is subject to obtaining necessary regulatory approvals.
The New York based big data analytics startup has a unique platform called Ether which uses its proprietary machine learning and artificial intelligence algorithms. This startup is expected to help the company in improving risk and credit assessment and monitor evolving fraud patterns among other benefits.
Reportedly, TVS Motor’s Singapore-headquartered arm’s objective is to leverage the benefits of digital technologies with a focus on the automotive and fintech industries. Consequently, it is building capabilities around big data analytics, artificial intelligence (AI), augmented reality (AR), internet of things (IoT), machine learning (ML) and virtual reality (VR) with an intention to deploy these new-age tools to solve business challenges.
Other recent investments made by TVS Motors include $2.5 million in IoT firm Altizon, $3.85 million in ML developer TagBox and about ₹11 crore in electric motorcycle startup named Ultraviolette Automotive Private Limited.
Rajesh Narasimhan, board member of TVS Motor Company and CEO of TVS Motor (Singapore), said, “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. Our current investment in Scienaptic is part of the initial set of investments being made in strategically relevant digital startups.”