April 29, 2024

AI Squared Raises $13.8M Series A To Improve Business Workflows With AI Insights

Black-owned AI analytics platform AI Squared has announced a $13.8 million Series A funding round led by Ansa Capital with participation from Latimer VenturesNEA and Ridgeline.

AI Squared

As investments in AI increase, data science teams in businesses and governments are looking to implement AI models that can utilize more value from their data to improve decision-making.

AI Squared, founded in 2019 by Benjamin Harvey, PhD, helps organizations deliver data and AI insights into their business applications.

The company estimates that up to 90% of AI models enterprises develop do not make it into production, meaning they need help to generate more value from their AI investments.

AI Squared increases companies’ return on investment (ROI) in AI projects by making it easier to integrate and adopt AI-powered insights into the tools and apps used every day.

The company’s solution reduces the time it takes to integrate data and AI into workflows from 4 months to 4 minutes while reducing the cost of implementing even one model by roughly 100x.

“Far too many companies aren’t getting enough ROI from AI,” said Harvey in a press release.

“Deploying a single model often requires the use of over 100 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.”

The $13.8M Series Round

AI Squared plans to use the fund to expand its team and further mature its platform, which helps businesses integrate AI into their workflows.

AI Squared has already secured contracts the U.S. Air Force, Cooperative Research and Development Agreements (CRADAs) with the National Security Agency (NSA) and National Geospatial-Intelligence Agency (NGA).

Ansa Capital co-founder and general partner Allan Jean-Baptiste will join AI Squared’s board.

“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,” said Jean-Baptiste.

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.

As one of the only Black-founded AI businesses, AI Squared is also committed to expanding accessibility in the wider ecosystem to ensure underrepresented communities contribute to progress in AI.

Featured image credit: AI Squared

Sara Keenan

Tech Reporter at POCIT. Following her master's degree in journalism, Sara cultivated a deep passion for writing and driving positive change for Black and Brown individuals across all areas of life. This passion expanded to include the experiences of Black and Brown people in tech thanks to her internship experience as an editorial assistant at a tech startup.