PALO ALTO — Artificial intelligence company Machinify has raised $10 million in Series A funding. The round was led by Battery Ventures, with participation from GV and Matrix Partners. Machinify was formed to dramatically reduce the cost, time, and complexity of designing, putting into production, and managing sophisticated AI-driven business decisions.
“To date, few companies are able to surmount the operational hurdles involved in deploying AI decision models to improve their business performance, and those that have made an attempt often fail to meet their schedule or to achieve the real-world ROI they planned for,” said Prasanna Ganesan, Machinify’s founder and CEO. “We are completely reimagining the process of developing, deploying, and maintaining AI-powered solutions. As a result, business owners at Fortune 1000 companies are able to leverage Machinify to transform data into cash.”
Machinify was founded in 2016 by former executives from VUDU, a digital-video company acquired by Walmart in 2010. The team’s VUDU experience led them to see the great potential for AI to improve business performance by automating decision-making, as well as the great operational challenges involved in the process. Machinify is led by founder and CEO Ganesan (the former CTO of VUDU), fellow VUDU alumni Tony Miranz (former president), and Edward Lichty (former GM). Machinify’s founding Executive Chairman is Alain Rossmann, who was previously a founder or co-founder of VUDU, PSS Systems, and OpenWave.
“The Machinify team is a rare find that blends an academic understanding of AI’s potential with a history of commercial startup success, and we believe they have created a transformational product,” said Max Schireson, a Battery entrepreneur-in-residence who works closely with Machinify. Schireson was formerly the CEO of MongoDB (Nasdaq: MDB), an open-source database company.