- Sapio Analytics raised $150,000 in cash and equity shares from the Parthiv Group of Companies, led by entrepreneur and chartered accountant Rakesh Rathi
- The investment is made at Sapio Analytics’ most recent fair market value of $20 million
- The funding came in the form of a stake in the company’s artificially intelligent product, which serves as a Virtual City Administration system
- This investment, according to Rakesh Rathi, is an important step in the company’s growth strategy
Sapio Analytics, a data-driven government advisory firm, raised $150,000 in cash and equity shares on Tuesday from the Parthiv Group of Companies, led by entrepreneur and chartered accountant Rakesh Rathi. The advisory firm has offices in the United Kingdom, the United States, and India.
The investment is made at Sapio Analytics’ most recent fair market value of $20 million. It will use the funds to expand its insurance and financing for micro and small-sized businesses through innovative financial instruments made possible by the Parthiv Group’s LCBidding.com and InsureTech.
The funding came in the form of a stake in the company’s artificially intelligent product, which serves as a Virtual City Administration system. The system is currently being developed as a pilot project for the smart city of Lucknow, and it has been conceptualized for the smart city of Nagpur. The newly raised funds will be used to develop new products, particularly machine learning modules.
About Sapio Analytics
Sapio was founded in 2018 by Ashwin Srivastava, a government advisor and venture capitalist, serial entrepreneur Hardik Somani, Arpit Palod, an IIT Bombay alumnus and data science expert, civil engineer Viral Vora, and construction magnate Shripal Jain.
Sapio Analytics is an artificially intelligent shadow government support system that uses new-age technologies to provide policy-making support to governments, particularly in the areas of urban and rural administration, economic growth, law enforcement, and intelligence, and healthcare.
It is led by a group of ex-civil servants, government advisors, and data scientists. Sapio is building a data and AI-driven governance ecosystem that replicates all government departments, with more than 15 different nation-building products spanning divisions such as healthcare, intelligence, and city administration, among others, all controlled by a common set of technologies.
Hardik Somani, Director of Sapio Analytics, commented on the news, saying, “The firm is currently seeking investments from selected investors as part of its ongoing bridge round before entering a round of growth capital-driven global expansion.” This funding from Parthiv Group demonstrates their confidence in our ability to strategically expand across domains and geographies, backed by our AI system that connects all of our divisions.”
Sapio Analytics is artificial intelligence (AI) shadow government support system that assists them in leveraging new-age technologies, particularly in urban and rural administration, economic growth, law enforcement and intelligence, and healthcare departments.
It partnered with the Uttar Pradesh government’s UPICO in January 2021 to conduct hyperlocal level analysis and evaluation of the unorganized sector in order to drive socio-economic growth.
This investment, according to Rakesh Rathi, is an important step in the company’s growth strategy. “We hope that this collaboration will foster synergy between Sapio Analytics and Parthiv Group’s fintech businesses like Insure Efficient and LC Bidding,” he said.
Sapio Analytics raised $150k in September of last year through a partnership with Indeed Smart City, a unit of Dentsu Aegis Network Communications. It came in the form of a stake in its AI product, which serves as a virtual city administration system. Sapio Analytics is also led by ex-IRAS officer Prashant Nikam as chairman, with help from managing directors (Global) Ajay Pancholi and Balkrishna V Choolun, as well as principal advisors Kamal Maheshwari and Dr. B S Tiwary. The team includes business leaders who have led multibillion-dollar businesses in various capacities, as well as government officials who have played critical roles in the development of their respective countries.
Rakesh Rathi’s Verdicts
“This investment is an important step in our growth strategy, and we hope that this collaboration will foster synergy between Sapio Analytics and Parthiv Group’s fintech businesses such as Insure Efficient and LC Bidding.” Sapio’s global expansion strategy, backed by AI technology, makes it the preferred partner for Parthiv Group,” said Rathi.