NEW DELHI: TVS Motor Company on Monday said it has inked a pact to invest USD 7 million (around Rs 48.25 crore) in New York-based Scienaptic Systems Inc.
TVS Motor (Singapore) Pte Ltd, a wholly-owned subsidiary of the company, has signed definitive agreements to invest in Scienaptic, a Delaware corporation, TVS Motor Company said in a statement.
Scienaptic has combined latest big data technologies and proprietary machine learning and artificial intelligence algorithms on its decision platform, Ether'.
Solutions built on Ether enable enterprises to improve risk and credit assessment, monitor evolving fraud patterns, and improve customer journeys and experience. Scienaptic has several Fortune 100 enterprises as its clients.
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, Board Member of TVS Motor Company and CEO of TVS Motor (Singapore) Rajesh Narasimhan said.
Scienaptic Founder and CEO Pankaj Kulshreshtha said the investment by TVS enables it to accelerate its sales and product development.
We found a significant match in value systems between the two organisations and believe that our collective strengths will enable Scienaptic to grow exponentially and become a global leader in AI-powered decisioning space, he added. TVS shares Monday ended 4.12 per cent down at Rs 379.65 on the BSE.