Linear Squared to fast track growth

Thursday, 20 July 2017 00:05 - - {{hitsCtrl.values.hits}}

BOVCapital-led round raises significant investment

Linear Squared to develop portfolio of Machine Learning and Artificial Intelligence products for apparel, telecommunications, financial services and FMCG sectors

DFT-3-107

Linear Squared team

Linear Squared, a company that solves complex business problems using Machine Learning (ML) and Artificial Intelligence (AI), has successfully raised a significant amount of investment to fund the next phase of its growth.

This new funding round was led by BOVCapital, the first Sri Lanka- and Singapore-based venture capital fund focusing on Sri Lankan ventures, with funds earmarked for developing a portfolio of products addressing key business problems for local corporates, as well as other growth opportunities.

In the era of big data, in which businesses accumulate data related to their customers and processes at an unprecedented rate, Linear Squared discovers solutions to complex business problems that are often hidden within data itself. Linear Squared makes ML and AI, which was previously thought of as advanced technologies used only in robotics, etc., accessible to a wide range of businesses.

According to Dr. Sankha Muthu Poruthotage and Rajith Munasinghe, co-founders of Linear Squared, “One of the biggest challenges the businesses have, even globally, is to derive actionable foresights that can deliver positive business outcomes out of massive amounts of data they have. This requires not only expert understanding about ML and AI but also, deep domain expertise. We as a company integrate all these elements in perfect harmony to provide ML and AI solutions that are designed to drive business outcomes. The investment and the global knowhow that BOVCapital brings will help us get there faster.”

Linear Squared already has some of the leading brand names in Sri Lanka such as Dialog, WSO2, MIT, Brandix, and Fonterra in their client portfolio. The company is also in the process of developing a portfolio of ML and AI driven products for the apparel, telecommunications, financial services and FMCG sectors.

Rajan Anandan from BOVCapital is the Chairman of Linear Squared. Along with him, Prajeeth Balasubramaniam (BOVCapital), Jithendran Gajendran (JLN Investments) and Dr. Sankha Muthu Poruthotage form the board of directors of the company.

“BOVCapital will do whatever it takes to help put Linear Squared and Sri Lanka on the data revolution map. Comprising a group that includes mathematicians, statisticians, computer scientists and software engineers, all with globally renowned academic and professional training in data science, Linear Squared has the rare opportunity to disrupt the way key decisions are made in apparel, telecommunications, financial services and FMCG, resulting in a true global appeal for its products. We look forward to helping Linear Squared achieve its full potential,” said BOVCapital General Partner Prajeeth Balasubramaniam.