SoftBank made strategic investments in Findability Sciences to strengthen its AI offerings.
Japan’s SoftBank and US based Findability Sciences announced that they have entered into a definitive agreement to establish a joint venture (JV), which will offer a proprietary software product developed by Findability Sciences. The product is known as the Findability Platform and will be marketed in the Japanese market by the JV.
Findability Sciences which has operations in Mumbai and Aurangabad in Maharashtra, is a big data, cognitive sciences, and artificial intelligence technology services and consulting company. Findability Sciences’ India operation caters to its growing customer base in India.
SoftBank will offer the Findability Platform: a self-learning technology platform that ingests large data sets to provide actionable insights, predictions, and human-like intelligence. The joint venture operations will be managed from Findability Sciences’ new facilities in Tokyo, Japan.
“We are very proud to form a joint venture with a world-renowned tech giant like SoftBank. This will significantly enhance our visibility to the marketplace and our ability to continue offering innovative solutions to our growing customer base,” said Anand Mahurkar, founder and chairman of Findability Sciences. “SoftBank’s selection of Findability Sciences, first as an ecosystem partner and subsequently as a joint venture partner, speaks volumes about our people, processes and technology, Findability Platform” added Mahurkar.
SoftBank also made a strategic investment of approximately USD 7.4 million with the aim of strengthening its offerings in the growing field of big data, analytics, and artificial intelligence. SoftBank holds a controlling 51 percent stake in the joint venture, with Findability Sciences owning the 49 percent balance.
In announcing the venture, Daichi Nozaki, vice president, head of global business division, enterprise business unit of SoftBank said, “I am very happy to make the Findability Platform available to Japanese customers. Our mission is to improve the decision-making capabilities of our customers. We have conducted extensive research and worked closely with various partner companies to provide our customers with optimal solutions to support their increasingly complex needs. The Findability Sciences’ platform, which emphasizes automatic analysis, self-learning, is very innovative. Additionally, the Findability Platform offers functionality that until now has commanded a premium and has required significant capital expenditure. Together we are bringing to the market, out of the box solutions that are still versatile enough to meet the needs of a range of industries.”
The joint venture will serve Japanese customers in various verticals including human resources, insurance, banking and financial services (BFSI), retail, and manufacturing. Findability Sciences’ India operation provides a dedicated facility to support the joint venture by providing data science and software development activities in tandem. Findability Sciences anticipates a need to fill several new positions in its United States, India, and Japan offices.