Government advisory firm Sapio Analytics, headquartered in Mumbai, has taken controlling minority stakes in a public company, with an aim to expand its depth of reach to citizens of India.
The acquisition is in form of a conditional agreement with payment in tranches, according to the statement released by the company, keeping the name of the said company undisclosed.
is positioned as a trusted partner of governments, acting as an artificially intelligent shadow government support system. It works directly with citizens owning data points that are useful for governments and policymakers. With the said acquisition, it is expected to increase its reach with citizens increasing the depth of trust with them.
"We expect to directly and deeply impact lives of 15 million citizens and their dependents, through various inter-connected products of Sapio Analytics, post this transaction. We hope to become the largest owner of citizen data, in a uniquely analyzed and visualized format, in India. We are helping shape government policies driven by artificial intelligence resulting out of the said data," says Hardik Somani, Co-founder and COO of Sapio Analytics.
The undisclosed public company is active in the interiors of India and closely works with the citizens helping them lead a financially stable life. With an expected reach of 12 million users, it is also partly owned by a government body, says the statement.
"Through our various divisions including economic growth, law enforcement, intelligence, healthcare, local administration, heritage and culture, we use new age technologies that are able to inter-connect various departments and provide intelligence that can drive socio-economic growth of the nations. Due to our immense trust with the citizens, becoming their voice through our A.I., we expect to be valued at 1 billion USD by the end of next year. Currently in talks to raise 15 million USD in tranches, Sapio Analytics has also invited investors and distinguished citizens at all levels to participate in the raise, with this transaction being a part of the journey," adds Somani.
Sapio Analytics has recently been in news for its joint venture with global technology firm Prime Technologies, launching A.I. surveillance for critical infrastructure. It has also been made responsible for presenting ancient culture of India at the Dubai Expo 2020, and was responsible for preserving ancient Indian art at the Arctic World Archive for eternity. An incubation center for government technologies and a virtual university for data science wizards are also in the works.
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( With inputs from ANI )
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