Goldman leads $56m round for big data firm Antuit
Goldman Sachs has led a $56 million round of funding for Antuit, a Singapore-headquartered big data analytics start-up. Zodius Capital, which provided seed funding for the company in 2013, also participated.
The new capital will be used to support organic and inorganic expansion. Estimated to be worth $10 billion and growing rapidly, the global big data services market is expected to go through a period of consolidation.
Founded in March 2013 by Arjit Sengupta, formerly an executive at IBM and Accenture, Antuit focuses on supply chain analytics for clients based in Asia Pacific. Zodius' $3 million investment in August 2013 enabled Antuit to buy Marketwell and gain a readymade footprint in the US market.
The company offers a range of data management, visualization, predictive and optimization solutions that are customized according to a client's business needs, budget constraints and data context. It follows an analytics-as-a-service model intended to integrate people, products and methodologies in supply chain and operations and sales and marketing.
Antuit's client base features eight Fortune Global 500 companies, including Avon, Fonterra, Hyatt and Orix Corporation. It has offices in Bangalore, Auckland, New York and Seattle, as well as in Singapore.
"We believe big data analytics can be the next wave of global services and the industry is in the same early stage as IT services in the 1990s and business process outsourcing in the early 2000s. Driven by increasing data generation, faster processing speed and the evolution of data sciences, the market has tremendous growth potential," Ankur Sahu, co-head of Asian private equity at Goldman Sachs, said in a statement.
Sahu and Vishal Bakshi will be the Goldman representatives on Antuit's board. Neeraj Bhargava, CEO and senior managing director of Zodius, serves as chairman.
Goldman has previously invested in a number of leading data analytics-oriented technology companies globally. Zodius styles itself as a specialist operator-investor, focusing on big data and analytics, digital media and commerce, and education. It aims to partner with proven entrepreneurs to build disruptive and market-defining businesses.
Zodius was set up in 2011 and has raised two funds, including a $500 million vehicle launched in partnership with Avendus Capital.
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