The founding team of successful content analytics platform Parse.ly has secured $6.4 million in seed funding for a new AI startup. Elvex Wednesday. The funding round was led by MXV Capital and FCVC, with participation from Remarkable Ventures, Industry Ventures, Accelerator Ventures and other angel investors.
Founded in 2023, Elvex joins the race to adopt AI in business workflows by offering capabilities such as reducing complexity, mitigating risks and future-proofing investments. The AI startup’s mission is to accelerate the adoption of AI for entire organizations, by enabling employees to be both “experts and generalists.”
“Executives and managers can drive their AI strategy with purpose, and all business users can fundamentally change the way they approach solving critical, everyday tasks,” wrote CEO and co-founder Sachin Kamdar in a press release. Linkedin article announcing the latest fundraiser.
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The AI startup operates on a subscription model, offering annual plans to businesses and charging based on usage. Elvex plans to do for AI assistants what Parse.ly did for marketers and publishers.
“A lot of technology is focused on the developer and not the practitioner,” Kamdar said. Axios. “This was controlled by analysts…and ultimately became a bottleneck for the entire organization.” »
Parse.ly, founded by Sachin Kamdar, Mike Sukmanowsky and John Levitt in 2008, was acquired by WordPress creators Automattic in 2021 and left the analytics platform to partner again in 2023 to launch Elvex.
Elvex is now on track to achieve its goal of powering more than 50% of enterprise AI applications, such as chatbots and other tools used internally through its AI management platform. Some of Elvex’s current clients include Movable Ink, The Boston Globe, Automattic, Embark and McClatchy.
The freshly raised capital will be used to expand the company’s product and engineering teams. The origin of Elvex goes back to the simple reason that the founding team failed to build and create, and discovered a market gap in the “second order effects of generative AI”.
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“Unlike other recent hype cycles, large language models and generative AI represented real value that I could easily see changing industry trends. There was a chance to build a generational business based on something we haven’t seen since mobile or the internet,” Kamdar wrote in a statement. blog entitled “Why start a business?” (again)” in 2023.