BeyondMinds raises $15m to advance AI technologies
BeyondMinds, an artificial intelligence startup developing a universally applicable and easily adaptable AI solution, has raised $15m co-led by leading Israeli venture capital fund Grove Ventures and private investor Marius Nacht.
The infusion of funds will finance its global expansion and the ongoing development of its innovative AI solution, and strengthen its management team with prominent executives. BeyondMinds is accelerating the wide-scale adoption of AI by enabling companies to successfully overcome the challenges that have prevented AI from proceeding “beyond” theoretical proof-of-concept exercises to robust and resilient deployments.
BeyondMinds, which already boasts a significant customer base including Microsoft, Samsung, KPMG, and numerous leading defense companies and financial institutions, will offer its “AI as a Service” solution to assist more Fortune 1000 companies in the development, launch, and ongoing maintenance of their AI infrastructure.
With 87% of AI projects failing to reach production, according to Venturebeat, due to a failure to overcome real-world challenges, BeyondMinds’ solution aims to flip that success rate. Its robust, end-to-end AI platform is constructed on a universal, modular technology stack that enables easy customization of specific AI applications. Unlike off-the-shelf AI models or systems developed in-house that often fail, BeyondMinds takes a new approach, stabilizing AI solutions in production where the data is dynamic and noisy, and deploying trust, monitoring, and feedback technologies to achieve increasing value over time. Typical applications include defect detection and predictive maintenance in manufacturing, fraud detection, insurance claim automation, risk assessment, underwriting in the financial services industry and numerous additional use cases where AI is traditionally applied to solve core business problems.
“We are achieving wide-market adoption with a relentless focus on production. We are excited by the breakthroughs being made on the academic level and have created an enterprise grade, scalable AI architecture to ensure production systems deliver business value from day one through day forever”, said Rotem Alaluf, co-founder and CEO of BeyondMinds.