Advanced Computing in the Age of AI | Sunday, May 26, 2024

AI Squared Raises $13.8M to Accelerate Widespread AI Adoption Within Organizations 

WASHINGTON, April 18, 2024 -- AI Squared has announced $13.8 million in Series A funding led by Ansa Capital with participation from Latimer Ventures, and existing investors NEA and Ridgeline. As part of the investment, Ansa Capital co-founder and General Partner Allan Jean-Baptiste will join AI Squared's board.

Roger W. Ferguson Jr., former Vice Chairman of the Federal Reserve and board member of Alphabet Inc, has also invested and will join the company's Board of Directors. AI Squared will use this funding to expand its team, and further mature its platform helping businesses integrate AI into their workflows.

As investments in AI rapidly increase, data science teams in businesses and governments are racing to implement AI models that can extract much more value from their data, improving their decision-making and the efficiency of their operations. AI Squared's platform dramatically increases companies' ROI in AI projects by making it much easier to integrate and adopt AI-powered insights into the tools and apps they use every day. The founding team, including founder and CEO Benjamin Harvey Ph.D., draws on deep data science expertise from over a decade working in the National Security Agency, and within Databricks' data science team.

AI Squared estimates that up to 90% of AI models developed by enterprises do not make it into production, meaning they struggle to generate greater value from their AI investments. The company's solution lessens the time to integrate data and AI into workflows from 4 months to 4 minutes and reduces the cost of implementing even one model by roughly 100x.

"Far too many companies aren't getting enough ROI from AI," said AI Squared's founder and CEO Benjamin Harvey, Ph.D. "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."

"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", said Ansa's Capital's Co-Founder and General Partner, Allan Jean-Baptiste. "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."

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. Using AI Squared, users can connect machine-learning models and other advanced analytics to business applications directly and in an app-agnostic way. AI Squared's platform then creates feedback loops to improve model performance and UI design.

As a result, organizations can generate greater value from their AI investments. The company's solution is being implemented across the finance, manufacturing, and health sectors — including Fortune 500 enterprises — as well as government organizations.

As one of the few Black-founded AI businesses, AI Squared is also committed to expanding accessibility in the wider ecosystem to ensure underrepresented communities help drive forward progress in AI. The company recently funded the AI Squared Innovation Lab, providing computers and supplies to support programming and technology advancement, and will continue its internship programs for underserved students.

About AI Squared

Founded in 2019, AI Squared helps organizations deliver data and AI insights into their business applications. The company's solutions are currently being rolled out across government organizations, as well as Fortune 500 corporations across the finance, manufacturing, and health industries. The leadership team, including CEO and founder Benjamin Harvey Ph.D., carries deep data science experience across large tech companies such as Databricks and Microsoft, financial organizations such as JPMorgan Chase, as well as the National Security Agency.

Source: AI Squared