TheMathCompany raises $50M from Brighton Park Capital

TheMathCompany, a data analytics and engineering firm, has raised $50 million in a funding round led by Brighton Park Capital. Existing investor Arihant Patni also participated in the round.

The investment will accelerate the startup’s expansion in the United States and European Union, as well as enhance Co.dx, a proprietary platform that helps businesses across multiple industries solve key problems through low code, custom business applications.

Jeff Machlin, partner at Brighton Park, will join TheMathCompany’s board.

“We have seen fantastic growth year-on-year and have been doubling in size for the past five years,” Sayandeb Banerjee, chief executive of TheMathCompany told ET. “Our goal is to continue to maintain that 100% growth rate for the next five years as well. In order to support that growth, there are a few buckets where this funding will be utilised. First and foremost, we will spend on our overall go-to-market capabilities and strengthen it a lot more.”

A critical bucket that the company will invest in is Co.dx as the company sees “tremendous value” in the platform. And finally there would be a sharp focus on hiring talent.

“People are the backbone of this business,” Banerjee said. “We will look at strengthening people—both on the frontend in the US and Europe side to provide even better experience to our clients and to build the right level of expertise and depth, be it verticals or horizontals from an India perspective.”

TheMathCompany employs nearly 1,000 data scientists, data engineers, and domain experts across its three centres in Chicago, Austin and Bengaluru. The company represents and partners with Fortune 500 customers across the consumer packaged goods, retail, pharma, automotive, technology, and manufacturing industries in the US, UK, and EU.

“TheMathCompany is positioned for continued success as it strengthens its brand recognition and expands in the US and EU markets, supporting customers on their missions to capture value through data analytics,” said Mark F. Dzialga, managing partner of Brighton Park Capital.

Avendus Capital served as the financial advisor to the fundraising, and Shardul Amarchand Mangaldas & Company served as legal counsel to TheMathCompany. Bharucha & Partners and Paul Weiss served as legal counsel to Brighton Park Capital.

TheMathCompany seems to have acquired a strong foothold in the market with its unique solutions. I believe the company will continue to prosper in its journey ahead. My best wishes to the team of TheMathCompany.

Shishir Gupta, Founder and CEO, StartupLanes

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