True North floats subsidiary focused on analytics, AI, commits $10 million investment
- January 17, 2018
- Posted by: user
- Category: News
Mumbai: Indian private equity (PE) firm True North on Tuesday said it had launched a subsidiary called Actify Data Labs to offer services in analytics, algorithms and artificial intelligence (3A).
True North has committed an initial investment of $10 million for the venture. Bengaluru-based Actify Data Labs, the first company set up by the PE firm, will help customers improve business efficiencies by using data to make smarter and faster decisions.
“Actify Data Labs is already working with True North’s portfolio companies and is helping them leverage the transformative power of 3A and build internal capabilities,” True North said in a statement.
“Analytics, Algorithms and Artificial Intelligence is expected to transform every business and represents a tremendous growth opportunity,” the company added in the statement.
True North also said Actify Data Labs is investing heavily in research, innovations and development of product platforms.
It will initially focus on making True North’s portfolio companies data-centric and gradually expand its services to a wider audience, including in overseas markets. Actify Data Labs will be led by Hindol Basu, who was earlier head of Tata Industries Ltd’s analytics division.
Basu has spent about 16 years in analytics consulting, advising clients in India, Asia Pacific and North America in financial services, manufacturing and retail.
“Experiences with unicorns in Silicon Valley and interactions with businesses in India have uncovered new learnings and shifts, which indicate that today, technology is no longer just an enabler but is the epicentre of business. We are seeing the direct impact of 3As in driving customer delight, which is also resulting in materially improving top and bottom lines of businesses,” said Basu.
This is the first instance of a PE firm in India setting up a new data-driven analytics company, the statement said. Actify is targeting bringing on board 10-12 data scientists by the end of the current financial year.
True North (formerly known as India Value Fund Advisors) was established in 1999 with a focus on investing in profitable, mid-sized businesses.
Over the years, the company has launched five separate investment funds with a combined corpus totalling over $2 billion.