Data science and AI solutions company Tredence on Thursday announced that it has raised $175 million in its Series B round of funding from private equity firm Advent International. Advent has acquired a minority stake in the Bengaluru-based company.

As part of the transaction, Advent will join the Tredence board.

Existing investor Chicago Pacific Founders (CPF), a private equity firm, will continue to be a shareholder in Tredence, the latter said in a statement. CPF made its initial investment in Tredence in December 2020.

The funds will help Tredence to accelerate data-fuelled growth and AI value realisation for industries, the statement added.

Advent, alongside Tredence’s co-founders and CPF, will work with the company through continued investment in vertical and domain expertise, IP and accelerator repository, channel partner development, and operational excellence, Tredence said.

“Advent’s global reach, deep sector expertise, and vast experience in scaling businesses like ours through organic and inorganic growth will be invaluable to us as we look to drive continued business innovation,” said Tredence CEO Shub Bhowmick.

Founded in 2013 by Shub Bhowmick, Sumit Mehra, and Shashank Dubey, Tredence aims to bridge the gap between insight delivery and value realisation, providing customers with a differentiated approach to data and analytics through tailor-made solutions.

“Data analytics is an exciting segment within digital IT services with secular growth. The practice is fueled by the rise in data created and captured globally, the reduced cost of computing and storage, and the opportunity for enterprises to tap into valuable insights to drive competitive advantage. We are very excited to partner with Tredence in the next chapter of growth as they build a $500 million revenue organisation,” said Shweta Jalan, Managing Partner at Advent International in India.