UPDATED 09:00 EDT / JANUARY 23 2015

Singapore Asia's Tech Center NEWS

Goldman Sachs bets $56 million on Antuit to tap Asia’s appetite for analytics

Singapore Asia's Tech Center

The analytics craze is under way in Asia, with help from one of the most powerful names in Wall Street. Goldman Sachs Group Inc. led a hefty $56 million funding round in a low-key number crunching company from Singapore on Wednesday that seeks to address the exploding demand for data insights on the world’s largest continent.

Antuit Holdings Pte. Ltd is at least the sixth analytics startup to have raised funding from the financial powerhouse in as many months, but it stands out as the only professional services provider. The outfit develops custom analytics software for large enterprises that don’t possess the necessary talent to fullfill their requirements internally. That constitute a rapidly growing market thanks to the severe lack of knowledge workers with the skills to handle unstructured data.

The size of the opportunity is reflected in Antuit’s meteoric rise since hitting the scene barely two years ago. Although a newcomer compared to most other analytics providers with similar funding records, the firm has nonetheless managed to rack up numerous big-name clients in Asia and beyond, including no fewer than eight Global 500 companies.

Antuit owes that success to the fact that it addresses a major gap in the market few others target, especially outside North America and Europe.

International companies have access to the same analytics solutions as their Western peers, often with a local partner or even a branch office of the vendor itself willing to lend a hand. But there aren’t as many firms that can work with an organization to create a custom data-crunching solution.

The fact that Anuit operates out of Singapore and maintains a presence in nearby Bangalore also affords it an understanding of the local culture, which adds to its regional value proposition.

But the firm can’t take its growth for granted. Antuit concentrates primarily on marketing and supply chain optimization, two of the most common use cases for analytics. There is no shortage of software vendors providing pre-packaged alternatives, which pose a direct threat to its custom development business.

The new investments from Goldman and earlier investor Zodius Capital, where Antuit CEO Neeraj Bhargava is a managing editor, should go a long way toward helping the outfit remain competitive on the long-term. Although no speciifcs have been dicslosed, it’s safe to assume that the firm will use the funds to expand beyond its current niche.


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