Machinify Raises $10 Million in Series A Financing to Develop First “Data-To-Cash” AI Platform
PALO ALTO, Calif.--(BUSINESS WIRE)--Oct 8, 2018--New artificial intelligence company Machinify today announced that it raised $10 million in Series A funding. The round was led by Battery Ventures, with participation from GV and Matrix Partners. Machinify was formed to dramatically reduce the cost, time, and complexity of designing, putting into production, and managing sophisticated AI-driven business decisions.
“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,” said Prasanna Ganesan, Machinify’s founder and CEO. “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.”
Machinify was founded in 2016 by former executives from VUDU, a digital-video company acquired by Walmart in 2010. The team’s VUDU experience led them to see the great potential for AI to improve business performance by automating decision-making, as well as the great operational challenges involved in the process. Machinify is led by founder and CEO Ganesan (the former CTO of VUDU), fellow VUDU alumni Tony Miranz (former president), and Edward Lichty (former GM). Machinify’s founding Executive Chairman is Alain Rossmann, who was previously a founder or co-founder of VUDU, PSS Systems, and OpenWave.
“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,” said Max Schireson, a Battery entrepreneur-in-residence who works closely with Machinify. Schireson was formerly the CEO of MongoDB (Nasdaq: MDB), an open-source database company.
Added Dharmesh Thakker, a Battery general partner active in AI investments: “Machinify arms non-technical domain experts with the power of AI. For example, healthcare businesses are using Machinify today to significantly increase revenue and profitability.”
“Machinify is laser-focused on the critical operational issues facing the deployment of AI-driven software within enterprises,” said Adam Ghobarah, general partner at GV. “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.”
To request a demo of the Machinify Platform, please visit machinify.com.
Machinify was created to give every enterprise access to AI technology that can enhance its core business and unlock significant untapped value. Today, Machinify offers an easy-to-use platform to any company that seeks to extract the maximum value from its data. The company is backed by AI experts at Battery Ventures, GV, and Matrix Partners. It is headquartered in Palo Alto, California. To learn more, please visit machinify.com.
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KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT SOFTWARE AUDIO/VIDEO PROFESSIONAL SERVICES FINANCE
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PUB: 10/08/2018 02:56 PM/DISC: 10/08/2018 02:56 PM