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Data-driven government advisory firm Sapio Analytics on Tuesday raised $150,000 in cash and equity shares from Parthiv Group of Companies, led by entrepreneur and chartered accountant Rakesh Rathi. The advisory firm has a presence in the UK, the US, and India.
The investment is done at Sapio Analytics’ last fair market valuation of $20 million. It will use the funds to deepen its expansion into insurance and financing for micro and small-sized businesses with innovative financial instruments facilitated by the Parthiv Group’s LCBidding.com and InsureTech.
Speaking on the development, Hardik Somani, Director of Sapio Analytics, said,
“The firm is currently seeking investments from selected investors as part of its ongoing bridge round before getting into a round of growth capital-driven global expansion. This funding by Parthiv Group is a demonstration of trust in our capabilities to strategically expand ourselves across domains and geographies, backed by our AI system connecting all our divisions.”
Ashwin Srivastava, Hardik Somani and Prashant Nikam from Sapio Analytics
Founded by Hardik, Ashwin Srivastava, Shripal Jain and Viral Vora, Mumbai-based Sapio Analytics is an AI shadow government support system that supports them to leverage new-age technologies, particularly in the urban and rural administration, economic growth, law enforcement and intelligence, and healthcare departments.
In January 2021, it partnered with the Uttar Pradesh government’s UPICO to conduct hyperlocal level analysis and evaluation of the unorganised sector to drive socio-economic growth.
Rakesh Rathi called this investment an important step in its growth strategy. He said, “We hope this association will create a synergy between Sapio Analytics and Parthiv Group’s fintech businesses like Insure Efficient and LC Bidding.”
In September last year, Sapio Analytics had raised $150,000 through an association with Indeed Smart City, a unit of Dentsu Aegis Network Communications. It had come in the form of a co-ownership in its artificially intelligent product that acts as a virtual city administration system.
