Course5 Intelligence Closes $53 Million Fundraise Course5 plans to use the investor funds for further innovation in specific areas of applied AI such as deep learning, computer perception, natural language, and Generative AI via Course5's AI Labs
By Teena Jose
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Analytics and AI solutions company, Course5 Intelligence, announced today that they have completed their funding round of $53 million with a second close led by Nuvama Crossover Series of funds, managed by Nuvama Asset Management Limited. The second close also saw participation from Carnelian Asset Advisors Pvt Ltd. and affiliates. This funding follows the first close done with 360 ONE Asset Management Limited (formerly known as IIFL Asset Management Limited) in May 2023. As per an official statement, this funding will be augmented by the company's own cash reserves and cash accruals to provide for an M&A war chest in the range of $80 million.
"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 corporations. 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," said Ashwin Mittal, chairman and CEO, Course5 Intelligence.
Furthermore, the statement added that Course5 is currently in talks with five companies and plans to complete two acquisitions, over a period of 12 months. In addition to mergers and acquisitions, Course5 plans to use the investor funds for further innovation in specific areas of applied AI such as deep learning, computer perception, natural language, and Generative AI via Course5's AI Labs.
"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," said Pranav Parikh, managing partner, Nuvama Private Equity.
