Bengaluru, August 16, 2017: Cambridge Technology Enterprises Limited (NSE: CTE; BSE: 532801), is pleased to share a strategic update on its offering Cambridge Innovations. Launched in Q3FY16, Cambridge Innovations (CI) invests and partners with early and growth-stage businesses that transform industries and are creating the next generation of transformational businesses based on AI and Machine Learning. Cambridge Innovations has over ten investments in its portfolio.
CI partners with the most innovative U.S. startups and helps CTE realize three kinds of value as follows:
Attract and upskill talent: Since the launch of CI, CTE has grown its workforce from 250 to 350 approximately. CI enables our employees to work with the best minds in the industry and stay abreast with cutting edge technologies.
Generate revenues: CTE generates revenues by entering into contracts with the CI companies and their clients, and build future clients for CTE from a pool of tomorrow’s leaders. CI is on a path to become cash flow positive.
Equity upside: CI model envisaged that it would take us 3-5 years, in general, to generate liquidity from our investments, but we are pleased to announce that we have realized an equity value of $250,000 by way of partial sale to a strategic investor of Roadzen.
The equity value realization showcases the potential of the business plan of CI. CI continues to believe in and remains a strategic partner to Roadzen. CI participated in the financing of Roadzen in the last two years and has sold $250,000 of Roadzen’s stock in order to assist the entry of one of the most prominent Hong Kong based Chinese investor.
Here is an update on Roadzen: Roadzen is transforming global auto insurance with Big Data and AI. Roadzen helps insurers underwrite their risk with better data, interact with their customers in real-time, provide roadside assistance to stranded customers and process auto-claims instantly. Currently, it is one of the fastest growing insurance technology companies in the world with over 10 million customers and presence in U.S., China and India.
In acknowledgment of the value created by CI, Rohan Malhotra, Co-Founder and CEO of Roadzen said, “CI has been a fantastic strategic investor and a valuable technology partner to Roadzen. As we execute our next set of milestones, we hope to continue working with Aashish and the CI team to reshape traditional auto insurance.”
Aashish Kalra, Chairman of CTE and CI, said, “Roadzen is doing extremely well and is on its path to transform the auto insurance industry by using Big Data, Mobility and AI. We continue to partner with Roadzen and remain committed to help them in achieving their technological and strategic roadmap.”
About Cambridge Technology Enterprises
Cambridge Technology Enterprises (CTE) is a leading global technology company transforming organizations into “AI-first” leaders. CTE is enabling its customers to create AI solutions that transform their businesses; by helping solve the world’s complex and most interesting business challenges with AI. CTE gives organizations unparalleled access to cutting-edge technology by bringing together the best-in-industry using its years of expertise in building solutions for some of the world’s largest and most innovative enterprises; leveraging Big Data, Cloud & Machine Learning experience. CTE’s products and services address all the transformational AI needs of an organization — from strategic workshops to implementation of transformative business solutions through its AI as a Service (AIaaS). CTE’s expertise across multiple domains makes it the preferred choice for organizations seeking an AI Partner to innovate and leapfrog the market. CTE is assessed at Maturity Level 5 for CMMI v1.3 with ISO 9001:2008, ISO 27001:2005 certifications. For more information, visit www.www.ctepl.com or follow cam_technology on twitter.
About Cambridge Innovations
For seed and growth-stage entrepreneurs seeking rapid growth, Cambridge Innovations (CI) provides capital and resources to reduce technology risk. CI works with the most innovative U.S. startups, helps us identify cutting edge technologies and attract the best talent to work with CTE. With some of the world’s most experienced strategy and development teams, entrepreneurs gain more time to shape and sell their vision and get to a better Series A faster. Visit us at www.c7e.io.
Forward-looking and Cautionary Statements:
Certain statements in this press release may contain statements concerning our future growth prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this press release. The Company assumes no obligation to update any forward-looking information contained in this press release. Any forward-looking statements and projections made by third parties included in this press release are not adopted by the Company and the Company is not responsible for such third party statements and projections.