Fractal is a multinational artificial intelligence company that provides services in consumer packaged goods, insurance, healthcare, life sciences, retail and technology, and the financial sector. Headquartered in New York, it has a presence in the United States, United Kingdom, and India along with fifteen other locations.
History
Leadership
Fractal was founded in 2000 by Srikanth Velamakanni, Pranay Agrawal, Nirmal Palaparthi, Pradeep Suryanarayan and Ramakrishna Reddy. In 2016, Fractal appointed Pranay Agrawal as the CEO to replace co-founder Srikanth Velamakanni, the new Group Chief Executive and Executive Vice-Chairman. Velamakanni is a graduate in electrical engineering from IIT Delhi and has an MBA from IIM Ahmedabad.
Funding History
Early investors in Fractal have included Malaysian sovereign wealth fundKhazanah Nasional Berhad, TA Associates and Mirc Electronics Ltd's Gulu Mirchandani who have respectively invested USD $100M, USD $25M and USD $600,000. In January 2019, Fractal received a USD $200M funding from Apax Partners, a leading global private equity advisory firm. Following the investment, the company was valued at $500 million.
Growth
In 2005, Fractal Analytics established its base in the United States. In January 2015, Fractal opened its office in Bangalore, India. In 2015, Fractal acquired Imagna Analytics and Mobius Innovations. Fractal has expanded its operations including the creation of two new subsidiaries: Qure.ai and Cuddle.ai. Qure.ai has been incubated by Fractal with between US$25 million to US$30 million since its launch. Qure.ai operates out of Mumbai, India and is a healthcare AI startup focused on radiology and using deep learning and AI to quickly analyze diagnostic medical imaging such as x-rays and CT scans. Qure.ai raised US$16 million in funding in February 2020 in a funding round led by Sequoia India.
Acquisitions & Partnerships
In August 2016, they partnered with KNIME, an open source data analytics platform. In June 2017, they acquired Chicago-based strategy & analytics firm, 4i Inc. In March 2018, Fractal acquired behavioral architecture company Final Mile to combine data science with behavioral science to improve decision making. In January 2020, Fractal was named Certified Retail Competency Partner by Amazon Web Services. In February 2020, Fractal announced a technology partnership with ideaForge to provide AI-based drone solutions.
Awards & Recognition's
In 2014, Fractal Analytics was listed as one of the Fast 50 Asian American Businesses by the US Pan Asian American Chamber of Commerce Education Foundation for the second consecutive year. In 2017, Qure.ai was one of the ten 2017 Netexplo award winners for developing an artificial intelligence technology that automates diagnosis and reporting of CT Scans, MRIs and X-Rays. In 2017, Fractal Analytics won the Best Artificial Intelligence solution award in the Credit Scoring category at Artificial Intelligence Worldwide Software Vendor Selection Event organized by AGOS in collaboration with Nuvolab. In January 2020, Bhavesh Bhatt, Data Scientist at Fractal Analytics, featured among the 40 leading data scientists in India under the age of 40 recognized by Analytics India Magazine.
