The Key Investors Supporting Run:AI’s Growth
The startup business has raised $30 million in its Series B funding round. The primary investors in the company include Insight Partners, TLV Partners and S-Capital. According to Insight Partners, Run:AI has already found traction in several industries, including manufacturing, healthcare, and defense.
Insight Partners, based in New York, has invested in more than four hundred companies. With $30 billion in commitments, Insight Partners’ portfolio of businesses includes Twitter (stock ticker: NYSE: TWTR), Monday.com. Udemy, HelloFresh, and Pluralsight. TLV Partners is a venture capital firm based in Israel that has invested in companies such as Puresec (acquired by Palo Alto Networks in June 2019) and the AI company Aidoc.
Solving the AI Training Problem
The recent boom in AI adoption has not produced uniformly strong results. According to McKinsey research, only 22% of companies surveyed are meaningfully increasing their profits using AI. Unfortunately, achieving success with AI is more challenging than the hype suggests. Those limited results are caused by several factors, such as lacking a clear AI roadmap and strategy.
Achieving high performance with AI requires constant diligence. McKinsey found that 45% of high performing companies using AI “Understand how frequently AI models need to be updated and refresh them based on clearly defined criteria.” This is one area where Run:AI may be able to help. By reducing the time required to set up AI technology, the startup company can help businesses using AI get better results.
Doubling the Engineering Team in 2021
Hiring and product development are key areas of focus for the startup business. “We're looking to more than double the engineering team in 2021, plus hire in almost all areas of the business - sales, marketing, product, customer success. In terms of the product roadmap, we're continuing to build out more features and partner integrations for our AI orchestration platform,” Run:AI told Startup Savant in an interview.
According to LinkedIn, the startup company has thirty employees as of February 9, 2021. The majority of employees are based in Israel, with three in the United States.
The AI Startup’s Business Customers
The startup AI business has already started working with several companies. Furthermore, the startup company’s corporate customers include Hewlett Packard Enterprise (stock ticker: NYSE: HPE) and Honeywell (stock ticker: NYSE: HON). In addition, the company is working with King’s College London and participates in the Nvidia Inception Program (stock ticker: NASDAQ: NVDA).
About the Author
Bruce Harpham is an author and marketing consultant based in Canada. His first book, "Project Managers At Work," shared real-world success lessons from NASA, Google, and other organizations. His articles have been published in CIO.com, InfoWorld, Canadian Business, and other organizations. Visit BruceHarpham.com for articles, interviews with tech leaders, and updates on future books.