Essential AI Secures $56.5M to Craft 'Enterprise Brain' of the Future

By Greg Tavarez, TMCnet Editor  |  January 02, 2024

Essential AI, a relatively new company founded in 2023 by Ashish Vaswani and Niki Parmar, has a focus on developing full-stack AI products for enterprises. They aim to automate tedious and repetitive workflows, making data analysts 10-times faster and empowering business users with data-driven decision-making tools.

Their technology also identifies risks and suggests improvements in supply chains and other organizational processes. And they focus on the entire AI pipeline, from user experience to the underlying models to ensure best user value per computational resource used.

“Niki and I are excited to build a world-class, multi-disciplinary team of engineers, researchers, designers and sales and product experts who are ready to solve real-world AI challenges and create a massive new market opportunity,” said Vaswani, CEO of Essential AI.

Their mission is to deepen the partnership between humans and computers, unlocking collaborative capabilities that go beyond what's currently possible. In a step toward making that mission reality, Essential AI raised a $56.5 million Series A funding round led by March Capital including participation from AMD, Franklin Venture Partners, Google (News - Alert), KB Investment, NVIDIA and Thrive Capital.

The funding will help Essential AI reinvent how enterprises work by allowing the startup to develop full-stack AI products that quickly learn to increase productivity by automating time-consuming and monotonous workflows. With human feedback and technical breakthroughs, Essential AI’s LLMs will allow users to solve progressively harder tasks and unlock critical skills, scaling the impact of organizations on society.

“We are investing in Essential AI as it drives innovation at the intersection of enterprise adoption of AI and the emergence of enterprise-grade LLMs,” said Jamie Montgomery, co-founder and managing partner of March Capital and a board member of Essential AI. “We look forward to partnering with the Essential AI team and leveraging March Capital’s industry expertise and global network to support Essential AI’s continued growth.”

Essential AI previously raised an $8.3 million seed funding round led by Thrive Capital, with participation from investors Amjad Masad, Brad Gerstner, Conviction, Elad Gil, Francis D'Souza, David H. Patraeus, Gustavo Sapoznik, Jamie Montgomery and Mei Zuo for a total of nearly $65 million in funding to date.

Edited by Greg Tavarez
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