Amit and Arihant Patni, the eldest of the Patni brothers are set to launch Hive Technologies, a venture replicating the model of US based The Hive, to incubate and invest in data analytics startup, ET state. The venture aims to invest R1.3 to R13 Cr in data analytic startups across the country that are already generating revenues with an exit horizon of 8-10 years.
The silicon valley based The Hive was co-founded by Sumant Mandal, managing partner at Clearstone Venture and TM Ravi, former chief marketing officer of data analytics firm IronMountain and offers office space and seed financing up to $1.5 million along with technology and business support for data analytic startups. Arihant Patni holds a stake in the venture.
The Patni’, through their Bangalore based facility, plan to invest in four to five startups every year over the next two years in big data analytics startups focused on the US market and with expertise in areas such as telecom, fraud detection, social media and customer relationship management.
Arihant Patni, a chemical engineer from the University of Pennsylvania, earlier founded legal process outsourcing company Bodhi Global Services, is currently managing director of Patni Financial Advisors, a wealth management company.
Amit patni is a co-founder of Elysium Investment Advisors LLP and currently the chairman of Nirvana Venture Advisors , a $75-million fund focused on internet ventures founded in 2011.
The market for big data in India is anticipated to grow at nearly 38% a year, from $58.4 million in 2011 to $153.1 million in 2014.
Recently in this space;
- @Zodius has led an investment of $3 MN into data analytics firm – Antuit
- A big data analytics startup – InterpretOmics has received R10 Cr angel investment from a group of investors including Singapore's information technology and shipping company, Amarante and two Indian investors including MP Somaprasad.
- TA Associates is investing R150 Cr for a minority stake in Mumbai based data analytics provider - Fractal Analytics.
- Mastercard Advisors has acquired stake in Mu Sigma, decision sciences and analytics firms.