BeyondMinds Rakes in Major Funding as the Startup Continues to Draw Impressive Customers

By Thomas Price Friday, November 27, 2020

Artificial intelligence (AI) has continued to be a field of both incredible growth as well as groundbreaking innovation. However, this is by no means saying that the many different startups that attempt to capture its power end up being successful. In fact, with a stunning 87% of AI-based projects failing to even reach production, the odds are stacked against the many who attempt to harness AI to reach better and more creative solutions. These sorts of statistics are what makes a startup like BeyondMinds even more impressive. With their unique use of AI, BeyondMinds has reeled in a notable list of clients as well as solid funding to push the company forward. So, what kind of startup is BeyondMinds, and what can be expected from the company in the near future?

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What BeyondMinds Does

At its core, BeyondMinds is simply an AI-based startup whose main goal is to provide universally useful, completely fluid, and adaptable AI tools for a great variety of different types of companies. This adaptability within BeyondMinds’s AI is varied enough that the startup offers services in fields as diverse as finance, where the AI is used to create higher efficiency and fight fraud; insurance, where AI-based solutions will create better products; Industry 4.0, where AI will create safer, more efficient supply chains; and government, where AI solutions will help improve public safety and optimize citizen services. This diversity has been achieved through the creation of the BeyondMinds Modular Engine. The BeyondMinds Modular Engine, or BME for short, has the capabilities to decipher, process, and produce solutions on a variety of topics, including image, video, natural language, audio, speech, and time-series.

This versatility in BeyondMinds’s AI solutions and technology has led to an increasingly prestigious list of clients who utilize the company’s services. This list includes names such as Samsung, KPMG, Microsoft, and KLA Corporation. The basic process of being a BeyondMinds client is fairly simple and streamlined. It begins on the first day with BeyondMinds assessing the potential AI for the business, followed by defining the product functionality and data integration. At this point, after weeks of work, BeyondMinds’s product will go live. After this process, the startup will continually check in with the client for feedback and improvement on the product indefinitely. BeyondMinds’s adaptability, extremely solid technology, and continuous presence for client’s needs have created enough buzz to perk the ears of many investors.

BeyondMinds’s Latest Round of Funding

BeyondMind’s success and some seriously important clientele have resulted in a funding round where the startup raised $15 million. The funding round was led primarily by two different parties in the form of private investors: Marius Nacht and Israeli venture capital fund Grove Ventures. This new infusion of $15 million will go a long way for BeyondMinds who plans to use the money in order to expand its global presence, with a special focus on expansion in the United States to support the ongoing efforts to improve and develop AI solutions, particularly the BeyondMinds Modular Engine. BeyondMinds’s plan for United States expansion is bolstered by a team of newly added executives with serious business acumen. The three most notable names on that team include the new chief revenue officer, Ted Ranft; the new regional vice president of the Americas, Perry Fetterman; and the new chief marketing officer, Sharon Reisner. Each member brings strong expertise and experience to BeyondMinds, which should very much help the long-term efforts to grow the startup into an invaluable member of the AI world. The initial seed money to create BeyondMinds back in 2018 also came from Israel, but that time from Professor Ehud Weinstein and Dr. Ofir Shalvi.

Final Conclusions

BeyondMinds has proven itself to be a startup not only with serious potential but one with successful results. When combining the massive versatility in the industries their AI is compatible with, the many different abilities that the BeyondMinds Modular Engine is capable of, and the new $15 million in funding the company has acquired, it feels nearly certain that the startup will soon gain more Fortune 1000 companies to its client base.

About the Author

Headshot for author Thomas Price

Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.

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