Headquartered in Mumbai, India, with offices in the UAE and the US, Course5 offers AI and advanced analytics for enterprise companies.

In addition to the $28m secured from 360 ONE Asset Management Limited, the company said it will be closing a further $27m from other investors shortly.

The company plans to use the funding to increase its investment in innovation and advanced AI technology in areas such as deep learning, computer vision, natural language and generative AI.

The funding will aim to expand Course5’s footprint in the current industries it serves, while also entering new sectors.

Additionally, Course5 is eyeing mergers and acquisitions, with a view to boosting its strategic capabilities or intellectual property.

The company plans to launch an initial public offering (IPO) in the next 18 months.

Ashwin Mittal, chairman and chief executive, Course5 Intelligence, said: “We have always believed in being capital efficient and think that this is the right time to raise external capital given our trajectory and the tailwinds in our industry. We have been experiencing strong demand for our analytics and AI solutions with current and new clients. This funding will enable us to continue to invest in augmenting our value proposition for our clients.”

Chetan Naik, fund manager and senior executive vice-president at 360 ONE Asset, said: “Course5 has emerged as a leading data analytics and insights player with strong IP-led solutions and deep domain knowledge across technology, media and telecom, life sciences, consumer packaged goods and retail. Course5 is amongst the few scaled, profitable, and highly capital efficient pure-play data analytics players out of India.”