TPG invests $360 million in AI tech startup Fractal

TPG's involvement in Fractal includes a mix of primary investment and a secondary share purchase from funds advised by buyout firm and existing investor Apax Partners. The share purchase deal will close by the first quarter of this year, following which Apax will continue to remain a major shareholder of the startup. Co-founded by Srikanth Velamakanni and Pranay Agrawal in Mumbai in 2000, New York-headquartered Fractal provides artificial intelligence and analytics solutions to Fortune 500 companies. "We continue to see great momentum in how clients are leveraging AI to accelerate digital transformation," Velamakanni said in a statement. The company's products include Qure.ai that helps radiologists make diagnostic decisions, and Theremin.ai,