Tharavu Technologies Private Ltd., which operates under the brand name TheDataTeam offering Artificial Intelligence (AI) and Big Data based solutions to over half a dozen industry sectors, has chalked out plans to expand to North America and Australia, its founder and CEO Rangarajan Vasudevan said.
The enterprise AI solutions firm has also initiated talks with investors to raise about $5 million to $7 million to fund geographical and product expansion plans, he added. It will be the firm’s first fund raising from external sources.
“After having presence in India, Singapore and Philippines, we have now decided to expand to North America and Australia in the next quarter. Then we have plans to expand to Europe. There is huge opportunity in all these new markets,” Mr. Vasudevan said.
“We have started the process to raise funds.. about $5 to $7 million. Hopefully it will close in this fiscal. Our acceleration will be enabled by the funds,” he added.
Stating that the company is currently at a multi million dollar run rate, he said the firm, at the product side, would be growing 2.5 times during this year. “With funding coming in, we are looking at 40 times growth in the next 5 years. That is the ambition,” he added.
The firm which is now helping banks to reduce their Non Performing Assets (NPA) through its AI-based customer intelligence platform Cadenz.ai providing early warning system, telecom firms to increase their Average Revenue Per User (ARPU) by creating new monetisation opportunities and oil companies to convert walk in retail customers into loyal ones, is now developing a product for real time personalisation of customers that would help enterprises to serve their customers better.
“Today, there is a tremendous amount of lack of empathy and lack of understanding of customer behaviour. The ability by enterprises to do real time personalisation based on available data will solve this problem and we are now building this solution,” Mr. Vasudevan said.
