RealityEngines.AI started Tuesday with a new name and a new round of funding.
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Now Abacus.AI, the company is open-sourcing an artificial intelligence tool for customers who want to tap into deep learning capabilities, but don’t have a data science or AI team. It closed on a $13 million Series A funding round led by Index Ventures’ Mike Volpi.
Round participants also included other tech entrepreneurs, including Eric Schmidt, Ram Shriram, Decibel Ventures and Jerry Yang. As part of the investment, Shriram and Volpi will join Abacus.AI’s board of directors. The new cash infusion joins with the predecessor company’s $5.3 million seed round to give Abacus.AI $18.3 million in total funding, according to Crunchbase data.
“Most organizations haven’t been able to reap the benefits of AI/ML because it takes an army of specialized engineers and scientists to put deep learning systems into production,” Shriram said in a written statement. “With innovative techniques like generative modeling for data augmentation and neural architecture search, the plug and play Abacus.AI service allows organizations to nimbly deploy autonomous deep learning models and instantly realize ROI.”
Bindu Reddy, Arvind Sundararajan and Siddartha Naidu founded the company in 2019 to provide a prediction interface that customers can embed into their applications or websites to learn more about customer experiences and business processes, Reddy told Crunchbase News.
Abacus.AI is able to create a world of personalization for a business, such as e-commerce, that doesn’t have historical information on its customers.
“We help customers that need to personalize email or a mobile and web experience,” Reddy said. “We specialize in cold stack by looking at patterns across the website, even with a small amount of data, to contextualize relevance.”
Prior to closing the Series A, Abacus.AI had 12 employees, but now has grown to 22 and plans to have more than 30 by the end of the year, she said.
The new investment will be used to expand the research and development group, as well as to market the general availability of the product, which had been previously an invite-only beta phase, Reddy said.
Photo of Bindu Reddy courtesy of Abacus.AI
Illustration: Li-Anne Dias