Chennai-headquartered start-up Mathematica in the AI and data analytics space has raised an undisclosed amount as part of its Pre-Series A funding round. The round was led by Sangeet Kumar, Co-Founder and CEO of Adverb Technologies; Krishnan Viswanathan, Co-Founder and CEO of Kisht; Anshul Gupta and Amit Raj, co-founders of EatClub Brands (formerly Box8) among others.
The start-up intends to use the fund to expand its product portfolio in various sectors. The firm is looking to double its headcount to 500 by the end of 2023. Sivaprasad KT, Co-Founder and CEO, Mathematica, said the firm aimed to empower businesses with data-driven decision-making capabilities.
Mathematica was founded in 2017 by three stalwarts of the data science industry – Sivaprasad KT, Ashok Harwani and Hariharan. R. The start-up claims that it is doubling its growth consistently year after year.
According to the International Data Corporation (IDC), the Artificial Intelligence (AI) market in India is expected to grow at a five-year compound annual growth rate (CAGR) of 20.2% and reach US$7.8 billion in total revenue by 2025. Industry experts also suggest that data science and AI could contribute up to $15.7 trillion to the global economy in 2030.