AI company expands into healthcare sector, creating value and new jobs
SAN JOSE, Calif., Dec. 10, 2020 /PRNewswire/ -- Tredence, Inc., a leading provider of analytics services and solutions, today announced that it has secured $30M in funding from Chicago Pacific Founders (CPF), a private equity firm specializing in investing in growth companies within healthcare services and care for aging populations. The investment will create tangible value in the intersection of AI and healthcare and accelerate job creation in the US and abroad.
"COVID-19 has further underscored how the healthcare space is primed for disruption, and AI is key to fast-track real transformation," explained Shub Bhowmick, Chief Executive Officer, Tredence. "Whether to help address inequities in access to care, optimize patient outcomes or advance research, to name a few applications, AI is a long-awaited catalyst for driving meaningful change across the healthcare continuum—and the investment by Chicago Pacific Founders will help us, collectively, embark on this transformation."
The partnership with Chicago Pacific Founders opens the door for Tredence to leverage its signature AI capabilities in the ever-expanding and continuously evolving healthcare services market. Similarly, in adding Tredence as its first AI-focused portfolio investment, Chicago Pacific Founders reaffirms its commitment to lead innovation and transformational change in the healthcare sector.
"Tredence's impressive track record in delivering analytic strategies, unearthing unique insights and applying an outcomes-based approach to AI will bring accretive value to our healthcare and senior care portfolio," said Mary Tolan, CPF Founder and Co-Managing Partner. "We both share a vision of harnessing AI to scale advancements in healthcare decision making, patient-centered outcomes and care delivery."
The additional capital also will support Tredence's continued organic growth in areas such as last mile adoption, and further fuel innovation and expansion. Tredence's expansion plan includes broadening its geographic footprint and increasing its existing presence in industry verticals like retail, CPG, industrials, technology and telecommunications.
A testament to the increasing business applications for AI across verticals and geographies, Tredence increased its global workforce by 10 percent over the past six months. And while the US Department of Labor reported a November 2020 unemployment rate of nearly twice what it was before the pandemic, Tredence continues to hire. In fact, the company has grown its US workforce by 15 percent and counting over the last six months.
Tredence opened two new offices in India last month and the newly secured funding will accelerate the company's growth in the US, where Tredence currently has four offices, including its US headquarters in San Jose, Calif. and a delivery center in Chicago. The additional capital will also enable Tredence to expand into Europe and China.
Tredence focuses on last mile delivery of insights into actions by uniting its strengths in business analytics, data science, and software engineering. The largest companies across industries are engaging with Tredence and deploying its prediction and optimization solutions at scale – empowering end users to improve decision making. Tredence is helping its clients deliver on the artificial intelligence imperative, in a practical and demystified way. Headquartered in the San Francisco Bay Area, the company serves clients in US, Canada, Europe, Australia, and SE Asia. Tredence is doubling in size year over year and has grown primarily through client referrals. Learn more at www.tredence.com or follow us.
About Chicago Pacific Founders
Based in Chicago and San Francisco, Chicago Pacific Founders ("CPF") is a leading strategic private equity firm focused on investing in growth companies within healthcare services and caring for aging populations. CPF believes that the most significant societal impact and investment returns from healthcare for the next decade will be generated by investment in delivery model innovation and meeting the changing needs of an aging population. CPF's leadership team is made up of former healthcare CEOs, senior executives, and investment professionals with a passion and track record of building healthcare businesses. For more information, please visit http://www.cpfounders.com/.
SOURCE Tredence, Inc.