Artificial intelligence startup Machinify has secured a funding of $10 million in Series A round investment which was led by Battery Ventures. The investment round saw participation from GV and Matrix Partners. Machinify uses the data in order to extract the maximum value from it and help the core businesses of the clients.
The company was started by Alain Rossmann and Prasanna Ganesan in 2016. Prasanna Ganesan worked as the CTO of digital video firm VUDU which was acquired by Walmart while Rossmann was the co-founder of VUDU.
Ganesan talking about the company said, “To date, few companies are able to surmount the operational hurdles involved in deploying AI decision models to improve their business performance, and those that have made an attempt often fail to meet their schedule or to achieve the real-world ROI they planned for."
“We are completely reimagining the process of developing, deploying, and maintaining AI-powered solutions. As a result, business owners at Fortune 1000 companies are able to leverage Machinify to transform data into cash,” Ganesan added.
Max Schireson, an entrepreneur-in-residence at Battery Ventures commenting about the Machinify team said, “The Machinify team is a rare find that blends an academic understanding of AI’s potential with a history of commercial startup success, and we believe they have created a transformational product."
GV general partner Adam Ghobarah talking about the AI technology by Machinify said, “This new generation of software is dynamically driven by AI models and large enterprise datasets. It requires a completely different approach, and we believe that the Machinify team and platform can help enterprises unlock more value.”
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