Artificial intelligence startup Machinify secures $10 million in Series A funding to develop first “Data-To-Cash” AI platform

Did you know that 2.5 quintillion bytes of data are created every day? Organizations around the world face the challenges of making sense of the data and getting the right insights needed to make informed decisions. That is the problem the Palo Alto, California artificial intelligence startup is trying to solve. Machinify is a new artificial intelligence startup that applies the latest advances in cognitive computing to analytics.

The company announced today it has raised $10 million in Series A funding to develop first “Data-To-Cash” AI platform. The round was led by Battery Ventures, with participation from GV and Matrix Partners. Machinify was created to give every enterprise access to AI technology that can enhance its core business and unlock significant untapped value.

Founded in 2016 by former executives from VUDU, a digital-video company acquired by Walmart in 2010, Machinify offers an easy-to-use platform to any company that seeks to extract the maximum value from its data. The team’s VUDU experience led them to see the great potential for AI to improve business performance by automating decision-making, as well as the great operational challenges involved in the process.

Machinify is led by founder and CEO Ganesan (the former CTO of VUDU), fellow VUDU alumni Tony Miranz (former president), and Edward Lichty (former GM). Machinify’s founding Executive Chairman is Alain Rossmann, who was previously a founder or co-founder of VUDU, PSS Systems, and OpenWave. The company is backed by AI experts at Battery Ventures, GV, and Matrix Partners. Machinify aims to dramatically reduce the cost, time, and complexity of designing, putting into production, and managing sophisticated AI-driven business decisions. The company utilizes AI technology to help businesses digest their data and unlock hidden profits through automated decision-making.

“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,” said Prasanna Ganesan, Machinify’s founder and CEO. “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.”

“The Machinify team is a rare find that blends an academic understanding of AI’s potential with a history of commercial startup success, and we believe they have created a transformational product,” said Max Schireson, a Battery entrepreneur-in-residence who works closely with Machinify. Schireson was formerly the CEO of MongoDB (Nasdaq: MDB), an open-source database company.

Added Dharmesh Thakker, a Battery general partner active in AI investments: “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.”

“Machinify is laser-focused on the critical operational issues facing the deployment of AI-driven software within enterprises,” said Adam Ghobarah, general partner at GV. “This new generation of software is dynamically driven by AI models and large enterprise datasets. It requires a completely different approach, and we believe that the Machinify team and platform can help enterprises unlock more value.”