Turtlemint, an insurance tech platform, has announced the acquisition of Pune-based data science start-up, IOPhysics Systems. The acquisition aims to increase Turtlement's data science acquisition capabilities in the highly competitive insurtech space. IOPhysics Systems aims to help data scientists and data engineers derive intelligence from structured or unstructured data in real-time. As part of the acquisition, the IOPhysics founder and CEO Ashish Gawali will join the Turtlemint team as their VP Data Science and Data Engineering, while the rest of the IOPhysics team will join the tech and data science verticals at Turtlemint.
Passion Connect, the HR Advisory Unit incubated by Blume Ventures, played a pivotal role in this acquisition. Sanam Rawal has implemented innovative hiring techniques to find the perfect employee-employer fit for their start-up portfolio. According to an official handout, a structured and dedicated hiring and acquisitions vertical is led by Swati Gupta and her teammate Ayushi Verma.
Microsoft for Start-ups recognized IOPhysics as the most innovative and high potential start-up across Tier 2 cities in India as part of their 'Highway to a 100 Unicorns' program. Its USP is its flexibility to integrate data with any public cloud data platform of choice or data visualisation tool, all with an easy-to-use interface.
Data science and data engineering have become critical focus areas as Turtlemint moves into the next phase of growth. Passion Connect recognized this need, and connected us to various start-up teams across domains by connecting its strong network in the start-up community. We loved the IOPhysics team, their IP, and product because they allowed developers to be cloud-agnostic and pick data platforms that fit the best need for the use case. Anand Prabhudesai, co-owner of Turtlemint, said that they were excited and proud to join them.
Ashish Gawali, founder of IOPhysics said that both teams shared the same passion for improving people's lives, even in remote pockets of the country. We have immense respect for the humility of their leadership team and the intelligence and experience that they come with. He said that Passion Connect reached out to us and they have been a strong people partner during our acquisition journey.
Since it was inception in 2015, Turtlemint has grown significantly and has raised close to $69 million from several marquee investors.