Analytics and AI solutions startup Course5 Intelligence raised $53 million in funds led by Nuvama Asset Management. This second close comes shortly after the company announced $28 million in funding as part of the same round.
Carnelian Asset Advisors also participated in the current close, joining IIFL, which led the first close in May 2023. The funding infusion aims to create a war chest of approximately $80 million, earmarked for mergers and acquisitions.
Course5 Intelligence has developed a structured M&A agenda, focusing on identifying synergistic assets in the US, UK, and India, with revenues ranging from $10-20 million.
The funding will support Course5 in its pursuit of inorganic growth plans, allowing the company to leverage synergies by adding new intellectual property, capabilities, talent, and key client relationships, according to a press release.
Established in 2000, Course5 Intelligence is a deeptech startup that offers a range of solutions in consumer and market insights, digital analytics, customer analytics, marketing analytics, supply chain analytics, and enterprise AI.
Ashwin Mittal, Chairman and CEO of Course5 Intelligence, emphasized the recent advancements in Generative AI, natural language processing, and computer perception that have expanded the possibilities in the field. He expressed the company’s commitment to maintaining its leadership position among AI and analytics solution providers by strategically enhancing its portfolio to maximize value for global corporations.
Pranav Parikh, Managing Partner of Nuvama Private Equity, expressed confidence in Course5’s ability to capitalize on the accelerating wave of AI adoption. He cited the company’s impressive client base, industry domain expertise, and effective delivery model as factors that position Course5 for sustained growth and the development of a strong global enterprise.
Recently, Course5 Intelligence acquired Incivus, an AI-based ad creation and optimization startup. This acquisition enables Course5 to offer precise and granular evaluations of various creative variables in advertisements, providing valuable insights and predicting the likelihood of success. The acquisition further strengthens Course5’s capabilities and expands its portfolio of offerings in the AI and analytics space.