- Abacus.AI (formerly known as RealityEngines.AI) announced that it has raised $13 million in Series A funding
Abacus.AI (formerly known as RealityEngines.AI) announced that it has raised $13 million in Series A funding led by Index Ventures’ Mike Volpi. Participants in this round include Eric Schmidt, Ram Shriram, Decibel Ventures, and Jerry Yang. In connection with this funding round, Shriram and Volpi will join Abacus.AI’s board of directors.
New investors Mariam Naficy, Erica Shultz, Neha Narkhede, Xuezhao Lan, Jeannette Furstenberg, and Decibel Partners also joined the round. Including this funding round, the company has raised over $18 million.
The company was founded by Bindu Reddy, Arvind Sundararajan, and Siddartha Naidu last year to offer cloud AI services and help companies of all sizes to easily embed cutting-edge deep learning models into their business processes or customer experiences. And customers pick a use-case and point to their data. Abacus.AI’s engine creates a state-of-the-art deep learning system using the customer’s dataset that can be used to generate predictions.
This round of funding will be used to expand the R&D group and market the general availability of its products.
Key Quotes:
“We help customers that need to personalize email or a mobile and web experience. We specialize in cold stack by looking at patterns across the website, even with a small amount of data, to contextualize relevance.”
— Bindu Reddy via Crunchbase
“Most organizations haven’t been able to reap the benefits of AI/ML because it takes an army of specialized engineers and scientists to put deep learning systems into production. With innovative techniques like generative modeling for data augmentation and neural architecture search, the plug and play Abacus.AI service allows organizations to nimbly deploy autonomous deep learning models and instantly realize ROI.”
— Ram Shriram
