Startup raises $10 million to help business ‘turn data into cash’
Founded in 2016, Machinify was formed, says the company, to dramatically reduce the cost, time, and complexity of designing, putting into production, and managing sophisticated AI-driven business decisions. The funding round was led by Battery Ventures, with participation from GV and Matrix Partners.
“To date, few companies are able to surmount the operational hurdles involved in deploying AI decision models to improve their business performance,” says Machinify founder and CEO Prasanna Ganesan, “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.”
The company is led by former executives from VUDU, a digital-video company acquired by Walmart in 2010. The team’s VUDU experience, says the company, 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.
Using the company’s platform, enterprises feed the system raw data and specify what they’re trying to optimize for – for example, revenue or cost reduction. The system then analyzes the data based on past decisions to produce its results.
Dharmesh Thakker, a Battery general partner active in AI investments, says, “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.”
Adam Ghobarah, general partner at GV, adds, “Machinify is laser-focused on the critical operational issues facing the deployment of AI-driven software within enterprises. 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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