Data science and analytics have swiftly become vital for enterprises to gain a competitive edge in today’s business landscape. However, generating insights from data is not enough; enterprises need to translate insights into actionable outcomes aligning with their strategic objectives. This is where Tredence, a fast-growing data science and analytics services provider, comes in.
Tredence has been involved in helping enterprises bridge the gap between insights and actions since 2013, focusing on empowering line managers with artificial intelligence (AI)-based strategies. As AI becomes a driving force for enterprise transformation, the company is eying a major share of the market opportunity. Immediate expansion plans include opening offices in Kolkata and tier 2 cities in India and entry into the Middle East and European markets. At present, the company has a presence in four countries – India, US, UK and Canada.
“With the advent of AI, data-driven decision-making has become vital for businesses, enabling them to transform processes, functions, and customer experiences,” said Sumit Mehra, co-founder & CTO, Tredence, adding, “AI and data analytics will disrupt every industry in the next five years. Our co-innovation platform, ATOM.AI, plays an important role in empowering clients with GenAI capabilities.”
The company has expertise within the retail and consumer goods industry, solving data science problems related to customer experience management, supply chain, and MarTech-Adtech. Recently, Tredence collaborated with a leading global retailer to create new recipes, attribute ingredients correctly, and generate product descriptions using GenAI. “We want to break the misconception that AI is merely a plug-and-play tool; our approach has been to emphasise restructuring and create new processes to fully harness AI,” he said.
It has collaborated with partners like Databricks, Microsoft Azure, Snowflake, Google Cloud Platform, and AWS, to co-create solutions that address the unique challenges faced by various industries.
Tredence received $30 million in Series A funding round from Chicago Pacific Founders in 2020 and $175 million in Series B funding round from Advent International in 2022. It aims to achieve the coveted unicorn status by 2024 and have $500 million in revenue by 2026. There are also plans to acquire a niche and differentiated services or product company in Q4 2023/Q1 2024. “To fuel our growth, we are betting heavily on banking and insurance, and healthcare and life sciences as industry verticals this year,” he added.
GROWTH MODE
n Tredence to open offices in Kolkata and tier 2 cities
n Tap banking, finance, life sciences & healthcare
n Acquire a niche services or product company in Q4 2023/Q1 2024
n Up employee base from 2300 to 3000 by 2023-end
n Enter Middle East and European markets
