Data analytics company Tredence has raised $175 million in Series B funding from Boston-based private equity giant Advent International. With this, Advent will acquire a minority stake in Tredence. Founder and CEO Shub Bhowmick told the deal values Tredence at about $500 million.
The infusion is significant given that a funding winter has engulfed technology startups globally, more so in a sector with few venture-backed firms, such as TPG Capital Asia-backed Fractal Analytics and Brighton Park Capital-backed TheMathCompany.
Tredence previously raised $30 million from private equity firm Chicago Pacific Partners at a $100 million valuation in December 2020.
Advent, which will join Tredence’s board, will pitch in with continued investment in vertical and domain expertise, intellectual property and accelerator repository, channel partner development, and operational excellence, the companies said.
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