Data is irrefutably valuable, especially if you are aware of how to access and gain insights from it.
This is where Machinify comes in handy. The artificial intelligence (AI) company recently announced that it had raised a staggering 10 million dollars in a series A round of financing that was led by Battery Ventures alongside other participants like Matrix Partners and GV.
Machinify was established to dramatically minimize the complexity of designing, time, and cost as well as managing complex AI-powered 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. 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,” said Prasanna Ganesan, Machinify’s founder and chief executive officer.
Machinify was founded back in 2016 by VUDU’s former executives. VUDU is a digital-video firm that was acquired back in 2010 by Walmart.
Machinify is headed by the Chief Executive Officer and Founder Ganesan, the former CTO of VUDU, former VUDU GM Edward Lichty and former VUDU president Tony Miranz. Alain Rossmann is Machinify’s founding executive chairperson. He is known for previously co-founding Open Wave, PSS Systems and VUDU.
“Our core notion is that today, enterprises are collecting a ton of data. But if you look at how many of them are successful in turning it into smarter decision-making to drive efficiency, very few companies are succeeding,” Machinify founder and CEO Prasanna Ganesan told TechCrunch.
Thanks to Machinify, enterprise clients are able to feed their system with raw data as well as stipulate what they intend to optimize for, whether this includes revenue or another objective. In turn, the machine is able to decide which step to take from there. According to Ganesan, machines can utilize past decisions to come up with the right decision.
“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,” explained Max Schireson, a Battery entrepreneur-in-residence who works closely with Machinify. Schireson was previously the chief executive officer of MongoDB (Nasdaq: MDB), which is an open-source database company. Battery general partner Dharmesh Thakker added: “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.”
Companies in the healthcare domain make up a good example of how companies leverage Machinify.
In fact, businesses in this field use the tool in boosting the speed and accuracy of processing claims.
“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,” said general partner Adam Ghobarah in a statement.