INDIANAPOLIS (January 27, 2022) — ConverSight.ai, an artificial intelligence and adaptive analytics platform company, announced today that it has raised $4 million in a Series Seed round led by Elevate Ventures with participation from Surface Ventures, Rev1 Ventures and several existing investors including Bread and Butter Ventures and Charmides Capital. ConverSight.ai will use the new funding to accelerate growth by expanding its marketing and sales teams and continuing enhancements of the SaaS-based platform and AI assistant called Athena.
“ConverSight.ai has developed a really unique product that will have an industry-wide impact on supply chains globally, elevating how companies work with suppliers and distributors to deliver high-quality products at scale,” said Thomas Millay, Elevate’s board rep for Conversight.ai. “We are excited about the team they have assembled and their plan to continue innovating in the AI space.”
Empty store shelves, rising inventory costs and growing labor shortages are just a few results of deficiencies facing supply chains today. For supply chain leaders, ConverSight.ai delivers the strategies and resources to successfully plan for safety stock, forecast demand and plan for the future like never before, removing the gap between planning and execution.
ConverSight.ai’s Athena does the work of several business analysts, data scientists and IT teams within a matter of minutes to deliver insights automatically, recommend actions pro-actively and automate time-consuming, repetitive processes through simple natural conversation. The one-of-a-kind solution received a new patent in April 2021 for its contextual and intent based natural language processing system and method to understand, organize, and comprehend data through simple natural language questions. ConverSight.ai has gained global recognition for innovation in data visualization and analytics, named a 2021 Gartner Cool Vendor in Data and Analytics and winner of Ventana Research’s Digital Innovation Award in Operations and Supply Chain.
“As businesses navigate ongoing challenges presented by the COVID-19 pandemic, we have made incredible progress developing conversational AI-driven solutions to support supply chain leaders in making better decisions and optimizing operations.” said Ganesh Gandhieswaran, CEO and Co-founder of ConverSight.ai. “Consumer behavior has changed for good and supply chains simply cannot afford to operate via traditional systems and excel sheets. That is why this round will play a huge role in allowing us to expand our marketing and sales efforts, in addition to product development, to create more efficiencies across the supply chain ecosystem. We are proud to have the support of all of our investors who share our vision in creating better relationships between data and business leaders.”
“Surface Ventures has been looking at conversation-native business intelligence for the last few years. We believe that conversational BI has the ability to democratize BI past traditional data analysts and users of dashboards. Furthermore, we believe that while incumbents have layered conversational analytics on top of their BI tools, conversation-native graph models will outperform. ConverSight.ai combines best in class conversational BI with a pants-on-fire market problem: Helping companies get visibility into their supply chain. As a result, we are excited to partner with Ganesh and ConverSight.ai.” said Gyan Kapur, Surface VC.
ConverSight.ai’s latest product enhancements, and the recently introduced AI Workbench, enable all sizes of the businesses to take advantage of AI, data science and analytics with various levels of customization. The platform empowers business users and data analysts to easily navigate the mass amounts of data their business operates from daily. These developments diversify ConverSight.ai’s user groups, broadening the portfolio of use cases across industries and verticals.
“We’re paving the way in redefining the way businesses access and use data,” said Gandhieswaran. “With the support and guidance of returning and new investors, ConverSight.ai is primed to make a big splash in 2022 in the data analytics world with the power of conversational AI.”
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