Tech service provider Persistent Systems reportedly places capital on data company Cazena says The Economic Times. Cazena is the first in its sector to offer Big Data as a Service which allows companies to safely and successfully transfer, store and analyse information in the cloud. It also offers related development operations. Meanwhile, Persistent specializes in machine learning and artificial intelligence.
Part of the deal includes the two companies partnering up in order to work on the cloud service Data Lake. This seeks to incorporate self-service information gathering and other services to organizations in need of information-related services. Particularly, this prospective addition to Cloud Lake is targeted to institutions without their own processing departments and pool of talents for machine learning.
The amount of investment made by Persistent Systems is yet to be disclosed. However, it was revealed that it is a segment of the $10 million investment round made by several investors including the tech service company, Andreessen Horowitz and Northbridge Venture.
This move was undertaken by Persistent as part of its strife to advance digital transformations in the field of processing which their clients need. According to Persistent Managing Director Anand Deshpande, the investment was made to facilitate innovations for analysis and machine learning. Moreover, he says that the Self-Service Data Lake is an amalgamation of Big Data as a Service by Cazena and Persisting’s machine learning and artificial intelligence services.
Meanwhile, Cazena CEO Peat Moghe says that the company was able to show 300% growth since 2018. He emphasizes the use of machine learning and artificial intelligence in information gathering and analysis as it enables enterprises to retain their workforce and skills while also innovating their operations.
Moghe believes that the partnership is an indicator of strong backing from its investors