Canadian AI startup Daisy Intelligence secures $7.5 million in funding to scale its AI platform
Daisy Intelligence, a CanadianAI startup Daisy Intelligence, has raised $7.5 million ($10 million CDN) in Series A financing to expand globally, invest in sales and marketing, provide further support for its customer success teams, and expand its operational infrastructure as growth demands. The round was led by Framework Venture Partners and partnered by European-based corporate investor, Sonae IM.
Founded in 2003 by Gary Saarenvirta, Daisy Intelligence is a focused artificial intelligence (A.I.) software-as-a-service company for retail that transforms transaction log (TLOG) data into weekly promotion, pricing, and inventory forecasting recommendations.
The investment in Daisy is one of the first from Toronto-based Framework Venture Partners’ new $150 million fund focused on supporting rapidly scaling tech companies in Canada and abroad. Framework invests in software companies with a focus on businesses re-imagining the consumption and delivery of financial services or applying artificial intelligence solutions to large industry-specific datasets.
Daisy’s AI-powered technology platform helps retailers and insurance companies generate significantly improved financial results by delivering business recommendations and automating complex processes beyond human capability.
Daisy is driving a revolution in retail with its core AI SaaS platform, adding intelligence and automation to merchandising decisions. Daisy has helped its retail clients increase year over year, same store sales an average of 2.9% by optimizing their promotional product and pricing mix. Insurance companies use Daisy’s AI-powered risk management platform to detect and avoid millions of dollars in fraud and automatically adjudicate claims.
Daisy’s proprietary AI technology, which uses reinforcement learning, is attracting a rapidly growing client base across the U.S., Canada, Latin America, and Europe based on a record of proven business results. Over the past year, Daisy has doubled its revenues and staff by adding new clients and further deepening existing relationships with leading retailers and insurance companies.
“This financing round reflects the growing interest in our AI-powered platform from companies around the world looking to drive higher sales and profits with our unique technology that helps them make business decisions,” said Gary Saarenvirta, founder and CEO of Daisy. “This investment supports Daisy’s mission to empower people to achieve their best by using machine intelligence to help them with the most difficult tasks, freeing up their time to focus on more strategic business matters. With support from the world-class investors at Framework and Sonae IM, we are incredibly well positioned to execute on our vision.”
A preeminent authority on AI, Saarenvirta leveraged his background in aerospace engineering to bring autonomous machine intelligence based on reinforcement learning to clients in retail and insurance.
“There is a lot of vaporware and broken promises in the AI startup landscape,” said Peter Misek, Founding Partner at Framework Venture Partners. “After meeting hundreds of startups, Daisy was the first we met where we felt the promise could be delivered.”