AI Company Machinify Raises $10 Million To Help Turn ‘Data-To-Cash’

By Annie Baker ● October 10, 2018

Machinify is an artificial intelligence startup that has raised $10 million in Series A funding led by Battery Ventures. GV and Matrix Partners also participated in this round. Machinify helps reduce the cost, time, and complexity associated with launching AI-driven 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,” Machinify founder and CEO Prasanna Ganesan in a statement. “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.”

Machinify was launched a couple of years ago by former executives at VUDU, which is a digital video company that Walmart acquired in 2010. Based on their experience at VUDU, the Machinify team was able to learn the potential for AI to improve business performance by automating the decision-making process. GV general partner Adam Ghobarah also pointed out that Machinify is “laser-focused” on the operational issues facing the deployment of AI-driven software within enterprises.

Ganesan was the former CTO of VUDU. Tony Miranz (former president of VUDU), Edward Lichty (former GM at VUDU), and Alain Rossmann (co-founder of VUDU) also have executive positions at Machinify. Rossmann serves as the founding Executive Chairman at Machinify. Battery Ventures entrepreneur-in-residence Max Schireson — who was formerly the CEO of MongoDB — also works closely with Machinify.

“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,” said Battery Ventures general partner Dharmesh Thakker. Machinify is able to help healthcare organizations increase the accuracy and speed in which claims are processed. This helps healthcare organizations increase their revenue and reduce costs.