Organisations are awash in data but struggle with a host of challenges actually to use, organise and analyse that data. Effectively forecasting and conducting scenario-based planning necessitates the integration of deep, complex data sources from various parts of the enterprise. San Francisco-based Ikigai Labs solves the challenges related to data preparation with its no-code AI platform.
Now, Ikigai Labs has announced $25 million capital from Premji Invest with participation from Foundation Capital and e& capital. The capital will further Ikigai Lab’s vision to revolutionise the way enterprises harness AI.
“I see the challenges that individuals face in understanding what can be done with their tabular data, together with the struggle for enterprises to leverage the latest technological innovations in AI,” said Devavrat Shah, Co-founder and Co-CEO, Ikigai Labs and Andrew (1956) and Erna Viterbi Chair Professor of AI and Decisions at MIT. “With Ikigai, we see a clear opportunity to help the global workforce harness the power of AI. We are excited to work with Premji Invest, Foundation Capital, e& capital and luminaries like Diane Greene, who are enabling us to make Generative AI for tabular data truly effective across enterprises.”
“Ikigai’s founding team possesses a depth of industry and go-to-market expertise that can push the AI frontier to the center of business operations and decisions. Their innovation with large graphical models will be embraced by all enterprises that look to apply generative AI to drive meaningful business insights,” said Sandesh Patnam, Managing Partner, Premji Invest. “Premji Invest is focused on investing in innovative companies with exceptional growth potential and creating enduring value. In Ikigai, we see a company that brings all of this to bear while creating a N of 1, category defining company!”
“Ikigai is led by industry experts who uniquely possess a combination of enterprise expertise and deep research in the field of AI. Ikigai’s potential to help scale enterprises with AI by solving data engineering and modeling problems for the business user is truly unique,” said Ashu Garg, General Partner, Foundation Capital. “Ikigai’s ability to simultaneously solve several challenges with time series – missing data, forecasting with accuracy, learning from multiple time-series in presence of continual change – really positions them as a premier option for enterprise clients. We are excited about the early adoption Ikigai has established within enterprises, and their potential impact across all industries.”
Generative AI for tabular data
Ikigai Labs was founded by Devavrat Shah and Vinayak Ramesh. Ikigai’s AI app platform provides enterprises with the insight they need to make faster, better decisions to drive growth.
Its platform is designed to let companies create and deploy the graphical models to power apps within their organisations. Using this platform, customers can train models on-demand on their enterprise data, creating models that assist in forecasting, scenario planning and analysis.
Organisations can be trained to master AI leveraging the Ikigai Academy and using the Ikigai platform that is easy, fast and powerful by design.