Australia-based Relevance AI, a vector platform designed to aid data scientists and developers when working with unstructured data, raised USD 3 million on 3rd December.
Investors: The investment round was led by Insight Partners with participation from Galileo Ventures and Archangel Ventures.
Purpose of funding: The startup plans to use the funds to expand its global customer base and recruit new blood in the operation and technical team. Currently, the team is at 18, but the startup is striving for more interested and capable persons. It’s also preparing to enter markets and reach out to more high-profile clients in diverse industries.
About Relevance AI
Founded in 2020 by Daniel Vassilev, Jacky Koh, Jacky Wong and Daniel Palmer. Relevance AI is a vector platform designed to aid data scientists and developers with unstructured data. This tool democratizes a technique virtually exclusively used by large tech companies like Google, Facebook, TikTok, and Spotify, enabling developers to explore, analyze, and investigate vectors for unstructured data analysis. Over the last year, it has empowered early customers with unstructured data analytics using its platforms, such as TFTactics, Zora.co, and Overwolf.
The startup developed TFTactics, an artificial intelligence coaching system that analyzes unstructured game actions of millions of users to identify different categories of playstyles and players with similar characteristics. Customers can also benefit from its Discovery engine, which simplifies the path to vector discovery by providing an API for anyone wishing to create a more powerful discovery engine.
What the founder has to say
“Most businesses are not really utilizing vectors and only relying on structured data analysis to surface quantitative insights for decision making. However, 80% of business data is unstructured that comes in forms such as text, images, audio, user interactions and other formats” said Jacky Koh co-founder at Relevance AI.
“We’re thrilled to have secured this funding, as it will enable us to grow our team to continue pushing the boundaries of what’s possible and to build a highly reliable and valuable product for our customers. With this backing and unique perspective of the team at Insight Partners, we expect to grow rapidly over the next year.”
What the investor has to say
“Historically, only the tech giants have been able to make use of vectors in the machine learning architectures. Relevance AI enables companies of all sizes to leverage vector-based technology,” said George Mathew, Managing Director at Insight Partners.
“Its strong founding team has created an advanced API powered offering which has positioned Relevance AI as the innovative, early enterprise leader. We look forward to partnering with Relevance AI as it continues to scale up.”
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