Fractal, a multinational artificial intelligence (AI) company with dual headquarters in Mumbai in India and New York in USA, is scaling up its operations in Melbourne.
In a statement, Fractal said the choice of choosing Australia to expand was part of a growing trend in the unicorn world:
“In response to increased demand for design, data, AI and analytics services in Australia, Fractal decided to scale its operations and open an office in Melbourne, following a growing trend of Asian unicorns looking to Australia to establish or expand their tech initiatives in the region.”
Fractal is a global provider of AI and advanced analytics solutions to entities including Fortune 500 companies around the world from its global network in India, the United States, the United Kingdom, and fifteen other locations.
It recently achieved unicorn status – a valuation of US$1 billion – and is a leader in providing cutting-edge AI and analytics services.
Fractal is working across sectors such as banking, financial services, insurance, telecommunications, consumer packaged goods, healthcare, life sciences, retail, and technology.
According to Invest Victoria, the company is “attracted by Victoria’s tech talent pool and innovation ecosystem.”
The company is using the Victorian Government’s Digital Jobs Program to tap into the state’s strong pool of tech professionals to service its regional and global clients.
Fractal is also working closely with Victorian universities to develop a future pipeline of technical talent to service clients in pure-play data, cloud tech and analytics, and in niche research areas of mutual interest.
The company worked with authorities in Greater Mumbai and Bengaluru using AI and machine learning capabilities to make critical decisions during the pandemic by building AI models that predicted real-time disease propagation rates.
New investments facilitated by the state’s investment attraction agency Invest Victoria in 2022/23 are forecast to create more than 2,500 jobs and generate more than $330 million in wages.
Data from fDi Markets shows that in 2022, Victoria attracted $8.9 billion in overseas investment, well ahead of New South Wales ($6.3 billion). Renewable energy ($5.1 billion), software and IT services (almost $600 million) and communications (more than $400 million) led the way.
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