Foundry.ai, a leading creator of artificial intelligence (AI) software solutions for large enterprises, announced today the closing of its first fund, Foundry Fund I. The first close of $67 million will allow Foundry to expand growth and solution creation beyond its four current businesses.
“In every global 2000 C-suite and boardroom, someone is asking the question, ‘How will AI impact our business?’,” said Ned Brody, co-founder of Foundry.ai.
“Foundry’s new funding will allow us to build a significantly greater number of Practical AI businesses, creating AI solutions that focus on replicable, every-day decision improvements that drive immediate profitability increases.”
“Major enterprise customers are ready to move past the hype-and-demo stage with AI. The Fund provides us the resources to deliver practical AI solutions to the Global 2000. We expect to use the Fund exclusively to support the direct development and growth of our AI enterprise SaaS products to a mature state without the requirement for additional third-party capital,” added Jim Manzi, co-founder of Foundry.ai.
Foundry has created a defined methodology for Global 2000 organizations to identify and pursue immediate applications of AI methods that will drive measurable shareholder value gains. This methodology allows Foundry to bring its existing platform and applications to bear immediately for clients. If a client has significant opportunities where Foundry hasn’t already developed a solution, Foundry can bring its existing code base, team of developers and data scientists, and its own capital to develop a new solution.
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Using this methodology, Foundry has launched four businesses to date:
- Vizual.ai, which provides image optimization to web publishers and e-commerce businesses;
- Supplier.ai, which allows enterprises to improve procurement economics through improved vendor selection, pricing and risk management;
- HUD.ai, which empowers go-to-market professionals selling large enterprise solutions to improve the quality and quality of personalized, high-impact outreach; and
- Curia.ai, which provides advanced decision optimization tools to healthcare provider networks.
- Foundry.ai intends to develop an ongoing stream of AI SaaS businesses that build from and extend its core AI technology platform.