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AI-powered sales startup 19th Mile bags angel funds from HNIs

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Artificial intelligence-based sales acceleration software platform 19th Mile has raised $180,000 (Rs 1.2 crore) in angel investment from high-net-worth individuals, the company said in a media statement. The key investors include Rishi Vasudev, vice president of fashion at Flipkart; Excelsior Investments; Ritesh Vohra, partner at IDFC Real Estate Fund; Praveer Kumar, chief technology officer at payments solutions startup Finxera; Prashant Gupta, head of engineering at Finxera; and a few others, the statement added. Ltd, the company was founded 2015 by Vijay Gogoi, who worked at consultancy giant Accenture before starting up. An electronics engineer from National Institute of Technology, Rourkela and MBA from MDI, Gurgaon, Gogoi has 19 years of experience in management consulting, sales, talent development, and general management, and has been a technology entrepreneur for the past two years. The company will use the funds to strengthen its product, bolster its technology team, and will launch brand awareness initiatives in India and other international markets, the statement said.


HNIs invest in AI-based sales startup 19th Mile

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Artificial intelligence-based sales acceleration software platform 19th Mile has raised $180,000 (Rs 1.2 crore) in angel investment from high-net-worth individuals, the company said in a media statement. The key investors include Rishi Vasudev, vice president of fashion at Flipkart; Excelsior Investments; Ritesh Vohra, partner at IDFC Real Estate Fund; Praveer Kumar, chief technology officer at payments solutions startup Finxera; Prashant Gupta, head of engineering at Finxera; and a few others, the statement added. Ltd, the company was founded 2015 by Vijay Gogoi, who worked at consultancy giant Accenture before starting up. An electronics engineer from National Institute of Technology, Rourkela and MBA from MDI, Gurgaon, Gogoi has 19 years of experience in management consulting, sales, talent development, and general management, and has been a technology entrepreneur for the past two years. The company will use the funds to strengthen its product, bolster its technology team, and will launch brand awareness initiatives in India and other international markets, the statement said.


Tamr Preps for Growth with $18M Round

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Tamr today announced that it has raised $18 million in venture capital to help it grow its business, which is focused taking a "machine-driven, human-guided" approach to taming messy data. The funding round, which was Tamr's fourth, brings the five-year-old Cambridge, Massachusetts company's total funding to $59.4 million, according to Crunchbase. It will be the company's last, Tamr co-founder and CEO Andy Palmer told the Boston Business Journal. Tamr, which originated as a research project in co-founder Mike Stonebraker's graduate class at the Massachusetts Institute of Technologies, was spun out of MIT's Computer Science and Artificial Intelligence Laboratory (CSAIL) in 2014 with a novel approach to data preparation. The company subsequently emerged from stealth later that year to enter the market for data preparation software, which Gartner says attracts $780 million per year in spending.


Artificial Intelligence in Supply Chain Market Worth 10,110.2 Million USD by 2025

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According to the new research report "Artificial Intelligence in Supply Chain Market by Offering, Technology, Application (Fleet Management, Supply Chain Planning, Warehouse Management, Virtual Assistant, Freight Brokerage), End-User Industry, and Geography - Global Forecast to 2025", published by MarketsandMarkets, the market is expected to grow from USD 730.6 million in 2018 to USD 10,110.2 million by 2025, at a CAGR of 45.55% between 2018 and 2025. Major drivers for the market are the growth of big data, demand for greater visibility and transparency into supply chain data and processes, and adoption of AI for improving consumer services and their satisfaction. The major restraint for the market is the limited number of the artificial intelligent technology experts. Browse 64 market data Tables and 44 Figures spread through 176 Pages and in-depth TOC on "Artificial Intelligence in Supply Chain Market - Global Forecast to 2025" The software market is expected to grow at the highest CAGR for artificial intelligence in supply chain by 2025. The adoption of AI-based software solutions is increasing as it has beginning to apply machine learning capabilities that can automatically detect errors and make course corrections while processing real-time data streams.


Sonasoft (SSFT) to Become an AI-First Company with New Artificial Intelligence (AI) Innovations

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Sonasoft Corporation is a publicly traded corporation and is listed on the OTC Markets under the trading symbol SSFT. Sonasoft is now an AI-first company. The Company intends to integrate artificial intelligence (AI) into the Company's core business model, which includes enterprise-class email archiving, eDiscovery, and business continuity software solutions for Microsoft Business Applications on Microsoft Windows platforms. Sonasoft's signature products for eDiscovery tools, which include SonaVault 5.0 Email Archiving and eDiscovery Software, as well as SonaVault Email Archiving Appliances, deliver affordable enterprise-level functionality that exceeds compliance and ease-of-use requirements of small and medium-sized businesses, governments, school districts, organizations, and enterprises. The company also launched SonaSecure, which protects systems from ransomware and other email-based threats as well as provides email continuity services.


RPA is Creating a Billion-Dollar Market While No One is Looking - RTInsights

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RPA, which covers AI and machine learning capabilities used to handle high-volume, repeatable tasks that once needed humans, is coming. RPA stands for Robotic Process Automation, but don't be confused: it doesn't refer to R2D2, or any of the Kiva robots scurrying around the Amazon warehouse. RPA is language that covers the broad use of software with artificial intelligence (AI) and machine learning capabilities to handle high-volume, repeatable tasks that previously required humans to perform. Given the innovation it represents and the pain points it satisfies, RPA is quickly making its way towards a billion dollar revenue market. In recent months alone, leading startups in the space have raised over $300 million for their RPA systems.


Start-up SpotDraft tests new waters with AI-powered business

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CHENNAI: Drafting legal contracts -- be it employment documents or the highly complex merger agreements -- has been a constant pain for larger corporates. For smaller enterprises that may not be able to hire legal organisations to vet such documents in detail, it is even harder to manage and map laws to particular contracts. With the development of Artificial Intelligence, legal contract mapping and management has been automated to a large extent and is turning out to be an area of growth for technology start-ups such as SpotDraft, which makes about $5 million in revenue every month. Amid Indian players like VakilSearch, Legal Desk and Near Law, SpotDraft is one of the first few to provide contract management services using Artificial Intelligence. The legal tech start-up, founded by Harvard Law School graduate Shashank Bijapur, along with Madhav Bhagat, a former software developer at Google, looks to expand its operations from its home base in India to European countries, Singapore and Hong Kong, among others, this year to cash in on the rapid growth in the $80 billion contract automation market.


Mitek Acquires AI Check Processor A2iA PYMNTS.com

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Mitek Systems, Inc., a leader in digital identity verification solutions, announced that it has acquired A2iA, a leader in artificial intelligence (AI) and image analysis. The deal is for €42.5 million in cash and shares of Mitek's common stock. Mitek software is used in 6,100 U.S. banks, including all of the top 10 largest U.S. financial institutions. "The acquisition of A2iA combines two market leaders in image recognition and processing, creating a powerful force with a deep expertise in image analytics," industry expert Bob Meara, senior analyst at Celent said in a press release. A2iA uses AI and machine learning to create proprietary algorithms that process millions of checks, IDs and documents each day for banks, retailers, insurance companies, mobile operators, healthcare providers and governments in more than 42 countries and 11 languages.


Business News: Vlocity, Weather Analytics, Chubb

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Vlocity, Inc., a cloud software company, announced the launch of automated claims features in their apps. The launch includes end-to-end management of property and casualty (P&C) insurance claims for policyholders, agents and claims handlers, and enables dynamic, digital claims interactions from any device. New features include peril-driven adjudication and an adjuster workbench that enhance a carrier's ability to run their entire business on Salesforce. Carriers can download pre-configured claims processes from Vlocity's Insurance Process Library and leverage a modern, optimized user experience. Carriers, if they prefer, can create a completely new experience from scratch in a code-free environment using Vlocity's intuitive design interface.


Weather Analytics merges with Athenium

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Weather Analytics, a US-based provider of risk information for insurance carriers, has acquired and merged with Athenium. The new entity will operate as Athenium Analytics. Athenium software currently helps carriers assess performance of both claims and underwriting. Following the deal, the combined companies will invest $25 million to build a new decision-support software for insurers, enabled by artificial intelligence and computer-vision capabilities. These new programmes will include advanced mobile applications for crop insurance, tools to more efficiently insure small businesses, and models to assess risk in workers' comp for diverse business classifications.