AI as a Service tech startup Jaid lands £3 million in funding to empower companies and teams

ChatGPT took the internet by storm late last month after Open AI launched the dialogue-based AI chatbot. ChatGPT’s popularity has not only brought AI into mainstream technology but also reignited the conversation about how AI is going to permeate every aspect of our lives and potentially replace tech workers.

As AI adoption increases and considering the complexity of AI, organizations with little to no AI expertise will turn to third-party companies to buy AI functionalities and services. And that’s where Artificial Intelligence as a Service, or AIaaS. Although the idea is still very nascent, a handful of startups are now leveling the playing field by making it easier for small-to-medium businesses to tap into advanced AI functionalities at a one-time payment or subscription fee.

One of these startups is Jaid, a London-based company that provides an Al-powered automation platform that extracts critical data from all company and customer communications across all channels.

Today, Jaid announced it has raised £3 million in seed funding to expand the team, enter new markets, and explore new verticals. The round was led by Sure Valley Ventures, the VC firm that invests in early-stage software companies.

This is the second investment from Sure Valley Ventures’ £95 million UK Software Fund, which included a cornerstone £50 million investment from the British Business Bank through its Enterprise Capital Funds program.

Founded by Dan Kramer, Jaid provides AI as a Service (AIaaS) solutions to businesses to automate a variety of use cases, including client service automation, sales automation, payment exception processing, and claims administration processing. Jaid’s technology helps businesses reduce costs, improve efficiency, and make data-driven decisions.

With the new capital infusion, Jaid plans to expand its industry-leading machine learning team, build out business development efforts across America and Europe and expand into Asia. Jaid’s focus to date has been on the financial services industry with a strong roster of clients including ClearBank, Syndio, Calastone, and Legal & General. However, this funding will allow the exploration of new verticals, such as healthcare, with an estimated total addressable market of £15 billion*.

Dan Kramer, CEO, Jaid, said: “We are honored to have the support of Sure Valley Ventures with their deep experience in the market as we continue to grow and scale our business. This funding gives us the fuel to build on the great work we have done so far, and we are excited about the opportunities it will enable us to pursue. We are committed to delivering innovative solutions that help our clients harness the power of AI so their teams can focus on what matters most.”

Gareth Burchell, Venture Partner, Sure Valley Ventures, said: “At Sure Valley Ventures, we invest in software businesses that are resolving a real pain point for their customers and Jaid fits perfectly into our AI-focused portfolio. Led by a strong leadership team that is laser-focused on targeting specific customer problems using AI and ML, we have every confidence that Jaid will scale rapidly as it moves into new verticals and new geographies. In the current economic climate, driving efficiencies in processes, cutting costs through embracing technology, and enabling scalability using AI will become a key focus for business leaders around the globe.”