AI Squared, a company that helps organizations deliver data and AI insights into business applications, announced today that it has raised $13.8 million in Series A funding led by Ansa Capital with participation from existing investors NEA and Ridgeline.
Ansa Capital co-founder and General Partner Allan Jean-Baptiste will join AI Squared’s board in connection with the funding round. Roger W. Ferguson Jr., former Vice Chairman of the Federal Reserve and board member of Alphabet, has also invested and will join the company’s Board of Directors. AI Squared will use this funding round to expand the team and mature its platform, helping businesses integrate AI into their workflows.
As investments in artificial intelligence are continuously growing, data science teams in businesses and governments are focused on implementing AI models that can extract much more value from their data, improving their decision-making and the efficiency of their operations. And AI Squared’s platform drastically increases companies’ ROI in AI-driven projects by making it easier to integrate and adopt AI-powered insights into the tools and apps they use daily.
AI Squared’s founding team, including founder and CEO Benjamin Harvey, Ph.D., taps into deep data science expertise gained over a decade in the National Security Agency and within Databricks’ data science team.
The company has estimated that up to 90% of AI models developed by enterprises do not make it into production mode, meaning they struggle to generate more value from their AI investments. And the company’s solution reduces the time to integrate data and AI into workflows from four months to four minutes and reduces the cost of implementing even one model by roughly 100 times.
Model developers can use AI Squared’s platform to build pipelines that connect data sources and AI models to business applications, rendering relevant insights directly into their workflows. With AI Squared, users can connect machine-learning models and other advanced analytics to business applications directly and in an app-agnostic way. Then, AI Squared’s platform creates feedback loops to improve model performance and UI design. The company’s solutions are being implemented across the finance, manufacturing, and health sectors, including Fortune 500 enterprises — and government organizations.
AI Squared – which is one of the few Black-founded AI businesses – is also committed to expanding accessibility on the broader ecosystem to ensure underrepresented communities help drive forward progress in AI. And the company recently funded the AI Squared Innovation Lab, offering computers and supplies for supporting programming and technology advancement. AI Squared will also continue its internship programs for underserved students.
KEY QUOTES:
“Far too many companies aren’t getting enough ROI from AI. Deploying a single model often requires the use of over 10 tools. AI Squared’s tools directly tackle this ‘last mile’ problem, and make it much easier for businesses to deploy, use, and improve the use of AI within their teams.”
– AI Squared’s founder and CEO Benjamin Harvey, Ph.D.
“While AI’s capabilities are rapidly growing, organizations’ ability to deploy them are not. With new state-of-the-art models being released practically every week, enterprises risk getting left behind. We see a massive market opportunity for AI Squared to solve significant corporate hurdles in AI implementation by simplifying integration into existing workflows and tools while enabling faster time to value for AI investments.”
– Ansa’s Capital’s Co-Founder and General Partner, Allan Jean-Baptiste
