Aurionpro Solutions acquires Arya.ai for Rs 135 cr, obtains 67 pc stake
Aurionpro Solutions Limited is an advanced technology solutions company catering to the needs of the banking, mobility, payments, and government sectors
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NEW DELHI: Aurionpro Solutions Limited has announced the acquisition of Mumbai-based banking and insurance-focused PaaS start-up, Arya.ai. Under the terms of the agreement, Aurionpro Solutions Ltd. will acquire a majority stake (67 per cent) in Arya.ai.
The transaction comprises the acquisition of shares held by the existing shareholders and the subscription of new equity capital in the company. This will be an all-cash deal. The aggregate investment, including secondary acquisitions and fund infusions, is approximately $16.5 million.
By integrating Arya.ai’s AI cloud platform with Aurionpro, the company intends to create an industry-leading enterprise AI platform sharply focused on creating value for financial institutions globally.
Ashish Rai, CEO of Aurionpro Solutions, said, “The acquisition of Arya.ai brings together Aurionpro’s portfolio of industry-leading enterprise software with one of the most mature enterprise AI platforms focused on the needs of banks and insurers." It also brings together probably the most talented enterprise-focused AI/ML team in Asia with Aurionpro’s deep domain expertise and strengths to build highly differentiated enterprise software.”
“Making AI acceptable and scalable in the financial industry is extremely different and hard. It is relatively easy to use a new AI technique like MLPs or self-supervised learning systems and deploy the model. But to make it acceptable in a highly regulated industry like banking or insurance, it needs to be stable, reliable, explainable, auditable, compliant, and safe to use,” said Vinay Kumar, CEO and Founder of Arya.ai.
Founded in 2013 by Vinay Kumar and Deekshith Marla from IIT Bombay, Arya.ai has been one of the first ‘AI’ start-ups to use deep learning and deploy in enterprises, as per a company statement. Arya.ai’s PaaS offering for BFSIs primarily has three components: Arya API is a models-as-a-service and DIY platform offering more than 80+ fine-tuned ML models specialised for BFSIs; Libra is a fune-tuning as a service platform offering multiple SOTA ML models that are optimised for various tasks in BFSI; and AryaXAI is a soon-to-be launched ML Observability and Alignment tool to provide off-the-shelf ‘AI’ governance for mission-critical ‘AI’.
Aurionpro Solutions Limited is an advanced technology solutions company catering to the needs of the banking, mobility, payments, and government sectors. It converges multiple technology solutions under a single umbrella: Advanced and Accelerated Platform-led Transformation (ADAPT) to the ‘New Digital World’.