Connect with us

Technology

Intelmatix raises $20 million in Series A funding to enable MENA companies to leverage AI for decision-making

Published

on

Businessman touching the brain working of Artificial Intelligence (AI) Automation, Predictive analytics, Customer service AI-powered chatbot, analyze customer data, business and technology

Intelmatixa deep tech B2B startup that targets MENA (Middle East and North Africa) enterprises that need assistance leveraging the facility of AI for decision-making has closed a $20 million Series A funding round – one in all the biggest of its kind for a regional company.

The startup, which has offices in Riyadh, Saudi Arabia, London, UK, and Boston, US, was founded in 2021 but only launched its enterprise AI platform, EDIX, in March 2024. The company told TechCrunch that it has signed up 10 enterprise customers up to now — but with the brand new funding, it plans to expand to mid-sized and smaller businesses as well.

The global enterprise AI market is forecasted to grow exponentially and reach $68.9 billion by 2028, with a median annual growth rate of 43.9%. BCC Researchwith growth being driven by investments in AI technologies and the increased adoption of AI solutions by companies looking to increase efficiency and remain competitive.

However, whilst the adoption of AI decision-making solutions in business gains momentum, there are various challenges, similar to IBM noticed — including access to AI skills and expertise; data complexity; integration issues; high costs; lack of tools for developing AI models; and ethical concerns.

In regions similar to MENA, the adoption of automated decision-making has been slow because most enterprise AI solutions aren’t tailored to local needs, making them impractical for companies considering AI adoption, according to Dr. Anas Alfaris, co-founder and CEO IntelmatixThis is where the startup plans to step in to help with local data, knowledge, and experience.

“The (Rival AI Enterprise) platforms are designed and trained on US datasets and do not process data that includes MENA contexts. These platforms are also designed for large enterprises that have invested in both infrastructure and teams (data science and AI), which is another major issue in the region as there is a talent gap,” Alfaris told TechCrunch, pointing to companies similar to US-based o9 and Palantir as major competitors.

These are the challenges that Intelmatix set out to address with its flagship AI-based enterprise decision-making platform, EDIX. Alfaris says the platform could be quickly deployed across a wide range of companies and doesn’t require a team of AI specialists.

The startup is currently focused on the retail, logistics and workforce sectors, where companies can gain insight into operational and strategic issues similar to supply and demand, localization, recruitment, workforce planning and scheduling, fleet management and marketing.

According to Alfaris, a series of stores using the EDIX software package could, for example, receive recommendations on the most effective location to open a brand new branch and forecast revenues with 80% accuracy.

“Right now, most enterprises don’t have access to AI capabilities, and we’re giving them 80 percent of that capability. We may not be giving them 100 percent yet, but we’re moving the needle from zero to 80 by making it immediately accessible,” he said. “That’s at the heart of why EDIX is what it is and why we invested in building it in our region… to make AI truly accessible by removing a lot of the complexity.”

The startup’s marketing pitch paints an image of MENA businesses now not having to guess what’s next because EDIX is designed to respond and supply recommendations immediately — meaning it might be used to make each operational and strategic decisions. Alfaris said Intelmatix’s decision intelligence algorithms leverage customer data and other contextual data the startup sources to power the recommendations.

“Decision-making is tightly coupled. You can’t make a marketing decision that will drive demand in your stores without immediately connecting it to your inventory to understand what’s going to happen there. The same goes for your staff and operations. Decisions are tightly integrated. But the little tools that exist today that some entities use are very siloed and very specific to a particular function within the enterprise—while they’re useful, you need a one-stop shop,” he argued.

During a year-long pilot of its technology in the food and beverage sector, Intelmatix reported that demand forecasting accuracy on its platform increased by 15%, waste costs decreased by 75%, additional additional time was reduced by 25% and the platform was able to predict revenue for recent branch locations with greater than 80% accuracy.

The art of decision-making is something Alfaris could be very aware of, having conducted research on the interconnectedness and complexity of decision-making on the Center for Complex Systems Engineering at King Abdulaziz City for Science and Technology (KACST) in Saudi Arabia, after leaving MIT, where he earned a PhD in Design Computation and was a member of assorted research teams, including the Smart Cities Group on the Media Lab.

He helped establish the middle in 2012 as a joint program between MIT and KACST, which led to one other program called the Joint Centers of Excellence Program, which conducted research projects with other leading universities and technology companies in the U.S. and the U.K. It was at KACST that Alfaris met his co-founders of Intelmatix, Ahmed Alabdulkar AND Almaha Almalkbefore the startup launches in 2021.

Intelmatix now plans to scale up by targeting large and mid-sized enterprises, in addition to public entities in the MENA region. The recent funding will even be used to expand the platform’s capabilities and reach, according to Alfaris.

“We plan to expand our offering of these packages to provide more decisions and features that we think will be useful to our customers,” he said. “The idea of ​​democratizing access to AI has always been something we’ve been very passionate about.”

The Series A funding round was led by Shorooq Partners and included participation from private and public entities, including Olayan Financing Company, Rua Growth Fund, Saudi Technology Ventures, Saudi Venture Capital Company, Sultan Holdings and Zain Ventures.

This article was originally published on : techcrunch.com
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

MIT Develops Recyclable 3D-Printed Glass Blocks for Construction Applications

Published

on

By

MIT develops recyclable 3D-printed glass blocks for construction

The use of 3D printing has been praised as an alternative choice to traditional construction, promising faster construction times, creative design and fewer construction errors, all while reducing the carbon footprint. New research from MIT points to an interesting latest approach to the concept, involving the usage of 3D-printed glass blocks in the form of a figure eight, which may be connected together like Lego bricks.

The team points to glass’s optical properties and “infinite recyclability” as reasons to pursue the fabric. “As long as it’s not contaminated, you can recycle glass almost infinitely,” says assistant professor of mechanical engineering Kaitlyn Becker.

The team relied on 3D printers designed by Straight line — is itself a spin-off of MIT.

This article was originally published on : techcrunch.com
Continue Reading

Technology

Introducing the Next Wave of Startup Battlefield Judges at TechCrunch Disrupt 2024

Published

on

By

Announcing our next wave of Startup Battlefield judges at TechCrunch Disrupt 2024

Startup Battlefield 200 is the highlight of every Disrupt, and we will’t wait to search out out which of the 1000’s of startups which have invited us to collaborate can have the probability to pitch to top enterprise capitalists at TechCrunch Disrupt 2024. Join us at Moscone West in San Francisco October 28–30 for an epic showdown where everyone can have the probability to make a major impact.

Get insight into what the judges are in search of in a profitable company as they supply detailed feedback on the evaluation criteria. Don’t miss the opportunity to learn from their expert insights and discover the key characteristics that result in startup success, only at Disrupt 2024.

We’re excited to introduce our next group of investors who will evaluate startups and dive into each pitch in an in-depth and insightful Q&A session. Stay tuned for more big names coming soon!

Alice Brooks, Partner, Khosla Ventures

Alicja is a partner in Khosla’s ventures interests in sustainability, food, agriculture, and manufacturing/supply chain. She has worked with multiple startups in robotics, IoT, retail, consumer goods, and STEM education, and led mechanical, electrical, and application development teams in the US and Asia. She also founded and managed manufacturing operations in factories in China and Taiwan. Prior to KV, Alice was the founder and CEO of Roominate, a STEM education company that helps girls learn engineering concepts through play.

Mark Crane, Partner, General Catalyst

Mark Crane is a partner at General Catalysta enterprise capital firm that works with founders from seed to endurance to assist them construct corporations that may stand the test of time. Focused on acquiring and investing in later-stage investment opportunities equivalent to AuthZed, Bugcrowd, Resilience, and TravelPerk. Prior to joining General Catalyst, Mark was a vice chairman at Cove Hill Partners in Massachusetts. Prior to that, he was a senior associate at JMI Equity and an associate at North Bridge Growth Equity.

Sofia Dolfe, Partner, Index Ventures

Sofia partners with founders who use their unique perspective and private understanding of the problem to construct corporations that drive behavioral change, powerful network effects, and transform entire industries, from grocery and e-commerce to financial services and healthcare. Sofia can also be one of Index projects‘ gaming leads, working with some of the best gaming corporations in Europe, making a recent generation of iconic gaming titles. He spends most of his time in the Nordics, but works with entrepreneurs across the continent.

Christine Esserman, Partner, Accel

Christine Esserman joined Acceleration in 2017 and focuses on software, web, and mobile technology corporations. Since joining Accel, Christine has helped lead Accel’s investments in Blackpoint Cyber, Linear, Merge, ThreeFlow, Bumble, Remote, Dovetail, Ethos, Guru, and Headway. Prior to joining Accel, Christine worked in product and operations roles at multiple startups. A native of the Bay Area, Christine graduated from the Wharton School at the University of Pennsylvania with a level in Finance and Operations.

Haomiao Huang, Founding Partner, Matter Venture Partners

Haomiao from Venture Matter Partners is a robotics researcher turned founder turned investor. He is especially obsessed with corporations that bring digital innovation to physical economy enterprises, with a give attention to sectors equivalent to logistics, manufacturing and transportation, and advanced technologies equivalent to robotics and AI. Haomiao spent 4 years investing in hard tech with Wen Hsieh at Kleiner Perkins. He previously founded smart home security startup Kuna, built autonomous cars at Caltech and, as part of his PhD research at Stanford, pioneered the aerodynamics and control of multi-rotor unmanned aerial vehicles. Kuna was part of the Y Combinator Winter 14 cohort.

Don’t miss it!

The Startup Battlefield winner, who will walk away with a $100,000 money prize, can be announced at Disrupt 2024—the epicenter of startups. Join 10,000 attendees to witness this breakthrough moment and see the next wave of tech innovation.

Register here and secure your spot to witness this epic battle of startups.

This article was originally published on : techcrunch.com
Continue Reading

Technology

India Considers Easing Market Share Caps for UPI Payments Operators

Published

on

By

phonepe UPI being used to accept payments at a road-side sunglasses stall.

The regulator that oversees India’s popular UPI rail payments is considering relaxing a proposed market share cap for operators like Google Pay, PhonePe and Paytm because it grapples with enforcing the restrictions, two people accustomed to the matter told TechCrunch.

The National Payments Corporation of India (NPCI), which is regulated by the Indian central bank, is considering increasing the market share that UPI operators can hold to greater than 40%, said two of the people, requesting anonymity because the knowledge is confidential. The regulator had earlier proposed a 30% market share limit to encourage competition within the space.

UPI has change into the most well-liked option to send and receive money in India, with the mechanism processing over 12 billion transactions monthly. Walmart-backed PhonePe has about 48% market share by volume and 50% by value, while Google Pay has 37.3% share by volume.

Once an industry heavyweight, Paytm’s market share has fallen to 7.2% from 11% late last yr amid regulatory challenges.

According to several industry executives, the NPCI’s increase in market share limits is more likely to be a controversial move as many UPI providers were counting on regulatory motion to curb the dominance of PhonePe and Google Pay.

NPCI, which has previously declined to comment on market share, didn’t reply to a request for comment on Thursday.

The regulator originally planned to implement the market share caps in January 2021 but prolonged the deadline to January 1, 2025. The regulator has struggled to seek out a workable option to implement its proposed market share caps.

The stakes are high, especially for PhonePe, India’s Most worthy fintech startup, valued at $12 billion.

Sameer Nigam, co-founder and CEO of PhonePe, said last month that the startup cannot go public “if there is uncertainty on regulatory issues.”

“If you buy a share at Rs 100 and value it assuming we have 48-49% market share, there is uncertainty whether it will come down to 30% and when,” Nigam told a fintech conference last month. “We are reaching out to them (the regulator) whether they can find another way to at least address any concerns they have or tell us what the list of concerns is,” he added.

This article was originally published on : techcrunch.com
Continue Reading
Advertisement

OUR NEWSLETTER

Subscribe Us To Receive Our Latest News Directly In Your Inbox!

We don’t spam! Read our privacy policy for more info.

Trending