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Course5 Intelligence, an analytics and AI solutions company, raised $53 million in its second funding round led by the Nuvama Crossover series of funds managed by Nuvama Asset Management Limited, and also saw participation from Carnelian Asset Advisors and affiliates.

The recent funding follows the first close led by 360 ONE Asset Management Limited (formerly known as IIFL Asset Management Limited) in May 2023.

Course5 Intelligence will use the funds for inorganic growth plans and leverage the collaborations by adding new intellectual property (IP), capabilities, talent, and key client relationships. It also plans to use the funds for further innovation in specific areas of applied AI, including computer perception, deep learning, natural language, and generative AI via its AI Labs.

Moreover, the startup said it has reserved around $80 million from its cash reserves and cash accruals for M&A activities. It is in talks with five companies and plans to complete two acquisitions within 12 months.

It is looking at synergistic assets in the US, the UK, and India, each in the range of $10 million-$20 million in revenue, and smaller deep-tech AI startups.

According to Pranav Parikh, Managing Partner, Nuvama Private Equity, the increase in complexity, type, and usage of data across the world and significant advancements in technologies, including AI, are driving the adoption of data-driven intelligence by enterprises like never before across the globe.

“We see this as a structural long-term trend and strongly believe that Course5 is very well-placed to benefit from this wave of acceleration, given its marquee client base, industry domain expertise, and effective delivery model,” he added.

ICICI Securities and JM Financial acted as the exclusive financial advisors to the company.

The Mumbai-headquartered digital analytics company helps organisations to drive digital transformation using AI, advanced analytics, and insights.

The firm combines a multi-disciplinary approach to data integration across structured and unstructured data sources to help businesses grow through informed decision-making. Its client base spans sectors including technology, media, telecom, pharma and life sciences, CPG, retail, and others.

Course5 has also acquired Incivus, an AI-based ad creation and optimisation technology startup, which provides a precise, objective, and granular evaluation of all creative variables of an ad and predicts the likelihood of success with technologies such as computer vision, computer audition, generational AI, and natural language processing.