TPG-Backed AI Firm Fractal Analytics Said to Raise $150 Million

Fractal Analyticsraised about $150 million from new investors in a pre-initial public offering funding round valuing the artificial intelligence company at $2.4 billion, according to people familiar with the matter.

The company, which has headquarters in Mumbai and New York, is targeting an IPO in India this year, the people said, asking not to be identified discussing private information. It is looking to raise as much as $500 million at a valuation of $3 billion, the people said.

Bloomberg News reported in September that Fractal Analytics, which is backed by investors including TPG Inc.and Apax Partners, was ...