Manthan Closes Series D Funding Round from Temasek and Norwest Venture Partners
Scottsdale, AZ (PRWEB) February 04, 2015 -- Manthan, an international leader in analytics solutions and services, today announced it has closed its Series D funding. Singapore-based investment company Temasek and global growth equity firm Norwest Venture Partners participated in this funding round. The investment is one of the largest funding exercises for an analytics products company. With the recent round of funding, Manthan will be betting aggressively on the ‘Consumerization of Analytics.’
For the past couple of years, Manthan focused on changing the perception of analytics in business by promoting its user-driven analytics products that can deliver real business solutions with direct impact on revenues and in real time.
“We are very excited to partner with Manthan CEO Atul Jalan and his team since they have consistently impressed us with differentiated solutions in the analytics space. Real-time and actionable insights increasingly drive all aspects of decision-making for consumer-facing industries. The combination of Manthan’s domain-based analytical software products and proven data science capabilities has created a strong value proposition that, in our view, will enable Manthan to continue its rapid growth trajectory,” said Mohan Kumar, Partner at Norwest Venture Partners, an early investor.
According to leading research firm IDC, the analytics market is forecasted to reach $59.2 billion by 2018. Vesset, D., (2014 July). Worldwide Business Analytics Software 2014-2018 Forecast and 2013 Vendor Shares. A.T. Kearny, a global consulting firm, pegs the Big Data hardware, software and services market size will reach $114 billion by 2018 . A.T. Kearny (2015). Beyond Big: The Analytically Powered Organization. Retrieved from http://www.atkearney.com/analytics/featured-article/-/asset_publisher/FNSUwH9BGQyt/content/beyond-big-the-analytically-powered-organization/10192. Per Manthan, this rapidly growing market will be revolutionized by the ‘Consumerization of Analytics’ and the company intends to position itself as the global leader in analytics and analytics-driven market applications across industries.
Manthan will utilize Series D funding to accelerate the SaaS adoption of its product portfolio, expand its marketing footprint globally and to continue to develop groundbreaking products. With over 170 customers in 21 countries, Manthan has been making its presence felt with some of the world’s biggest names in the retail and consumer goods industries. To add to these sectors where Manthan already possesses deep domain expertise and experience, the company has also been paving inroads into other sectors with user-based analytics solutions that make role-based and real-time decision-making a breeze.
This recent financing round will also fund new research and development activities at Manthan Labs to support advancements like the ‘Expert System’ that employs Big Data machine-learning and self-governing models to transition the current analytics paradigm to true artificial intelligence (AI). Recent innovations at Manthan Labs include an advanced next-best offer recommendation engine, true real-time capability for analytics, context-aware computing and triggering algorithms, neuro-linguistic programming (NLP) interfaces, as well as enhanced visualization capabilities that make insight harvesting easier across the deep and broad data sets typical to Big Data.
“A few years ago, we decided to focus our energy on transforming analytics from decision-support to decision-making. To achieve our goal, the all-pervasive consumerization of analytics, we are leveraging artificial intelligence and NLP and moving into the realm of robotics and automated analytics,” said Atul Jalan, Manthan CEO. Jalan envisions Manthan as a center for invention, creativity and disruptive ideas in analytics - a pure synthesis of mathematics, statistics and cutting edge technology - that can create transformational solutions for a digitalized world.
To take it plans forward, Manthan has been attracting senior talent worldwide, including Presidents for its Americas and Asia divisions. New United States’ marketing offices have been opened in the Bay Area and Chicago, in addition to Scottsdale.
“Manthan understands the today’s on-demand, mobile and location-driven economy. That’s what makes the company attractive to global brands. Manthan’s constant innovations to meet the evolving needs of retail and CPG companies makes it a player to watch as we move into an analytics-driven world”, said Kumar.
Manthan has taken a large part of its product portfolio onto cloud and has created a SaaS engagement model for its core customer - the retailer. This model, which Manthan calls Switch On, is an on-demand, infinitely scalable and flexible analytics delivery model that completely re-imagines how users buy, pay and benefit from analytics. It kills deployment, is almost instantly operational, reduces total cost of ownership and management and improves time to benefit to near-immediacy.
In 2013, 30% of organizations had deployed cloud computing according to analyst firm Gartner. By 2014, this figure was 46%. Switch On utilizes the power of cloud computing to meet today’s need - an ability to respond to situations posed by the tech-empowered shopper. Manthan combines the power of cloud computing, mobility and big data analytics to deliver the ability for organizations to go from intent to analytics in a couple of hours.
All of this goes back to Manthan’s principle that the power of analytics becomes exponential as it completes each step of the business process. It should be able to analyze data, it has to support decision-making and then, it has to be able to execute. “Analytics products need to analyze, decide, do,” said Jalan. “Only then, is analytics of true value to any organization.”
About Manthan
Manthan is the Chief Analytics Officer for consumer industries worldwide. Manthan's portfolio of analytics-enabled business applications, advanced analytics platforms and solutions are architected to help users across industries walk the complete data-to-result path - analyze, take guided decisions and execute these decisions real-time. Sophisticated, yet intuitive analytical capability coupled with the power of big data, mobility and cloud computing, brings users business-ready applications that provide on-demand access and real-time execution - the only path to profit in a contemporary, on-demand and connected economy. Manthan is one of the most awarded analytics innovators among analysts and customers alike - with over 170 customers across 21 countries. To learn more about Manthan, visit manthan.com
About Temasek
Temasek is an investment company based in Singapore. Supported by 11 offices globally, Temasek owns a S$223 billion (US$177 billion) portfolio as at 31 March 2014. Temasek's investment themes centre on: Transforming Economies; Growing Middle Income Populations; Deepening Comparative Advantages; and Emerging Champions. Its portfolio covers a broad spectrum of industries: financial services; telecommunications, media and technology; transportation and industrials; life sciences, consumer and real estate; as well as energy and resources. For more information on Temasek, please visit http://www.temasek.com.sg.
About Norwest Venture Partners
Norwest Venture Partners (NVP) is a global, multi-stage venture capital and growth equity investment firm that has partnered with entrepreneurs to build great businesses for more than 50 years. The firm manages approximately $5 billion in capital and has funded more than 550 companies since inception. Headquartered in Palo Alto, Calif., NVP has subsidiaries in Mumbai and Bengaluru, India and Herzelia, Israel. NVP makes early to late-stage venture and growth equity investments across a wide range of sectors including: technology, information services, business services, financial services, consumer products/services and healthcare. For more information, please visit http://www.nvp.com Follow NVP on Twitter @NorwestVP
Joanna Beerman, Manthan, http://www.manthansystems.com, 435-901-4844, [email protected]
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