California-based Ople has collected $8m in its Series A round which will aid the growth of its AI building platform.
The round was led by San Francisco-based venture firms Triage Ventures and Hack VC. This investment brings the company’s total funding to over $10m.
Ople provides a platform to help companies build and design their own AI solutions. The Silicon Valley-based company uses AI itself to accelerate data science in order to optimise algorithms and outcomes.
The solution works by a client uploading their data, validating it through Ople, and then generating a custom AI model which is compared to others in the market. Once the model has been tailored to the client’s specific data, they can deploy it instantly on their own solutions.
Some of the use case for the AI include insurance claim predictions, fraud and anomaly detection, predictive analytics, supply chain optimisation and dynamic pricing, among others.
Capital from the round will be used to expand its product team and boost its sales and marketing efforts.
Ople founder and CEO Pedro Alves said, “We are engineering intelligence. Our product is a major leap forward in the simplification and automation of the most laborious tasks in data science.
“This means that more teams, across more industries, will deliver more AI projects in less time. By using Ople, companies are leaping past their competition, making better decisions – faster, and positioned to seize new market opportunities first.”
Copyright © 2018 RegTech Analyst
