Infibeam Avenues Ltd, a listed AI-powered fintech company, on Saturday, announced an investment of $10 million for the acquisition of a 20 per cent strategic stake in XDuce, an enterprise Application and AI development company based in the United States.
The Board of Directors on Saturday approved the equity acquisition in XDuce. It’s a strategic move to integrate Infibeam Avenues Ltd’s Phronetic capabilities into XDuce’s existing framework as well as support platform and payments business growth in the US market, said the company. This integration is aimed at enhancing the intelligence quotient of XDuce’s solutions, especially by embedding PhroneticAI Fraud detection and Authentication and Risk identification (FAR) AI technology for the financial sector in the US, stated an official release from the company.
With headquarters in New Jersey, USA, XDuce has a team of over 150 software developers in the US. By joining forces, Infibeam Avenues Ltd will gain the strategic advantage of tapping into this network for its Phronetic AI Solutions and CCAvenue Payments business in the US, the company added.
“Collaboratively, we aim to enhance and broaden our product offerings, offering businesses and consumers in the US access to state-of-the-art AI-driven technologies for identifying and preventing transaction fraud,” said Jay Dave, CEO of XDuce.
Through this move, the company aims to boost its international business contribution to its total revenue in the next two years. “It will enable Infibeam Avenues to penetrate the US market with our AI fintech solutions for the financial fraud prevention space,” said Rajesh Kumar SA, CEO of Phronetic.AI, an Artificial Intelligence business unit of Infibeam Avenues Ltd.