TAZI.AI raises $4.6 million in seed funding for its patented, continuous machine learning technology enabling business users
SAN FRANCISCO–(BUSINESS WIRE)–August 18, 2022–
TAZI.AI today announced the official launch of its Machine Learning (ML) solutions especially for insurance, healthcare and pharma industries, built on its SaaS ML Platform. In as little as 40 days, TAZI users will now be able to create ML models and start seeing business results. As part of the launch, TAZI.AI received a $4.6 million round of financing led by Illuminate Ventures, a seed stage Enterprise/B2B software-focused VC firm.
“Getting continually improving predictive insights is critical for enterprises to better serve their customers. TAZI.AI does just that by putting the power of ML directly into the hands of business users and letting them build and deploy continually improving predictive models in a fraction of the time of existing approaches,” said Jennifer Savage, Partner at Illuminate Ventures. “TAZI.AI’s approach can also help early adopters, such as those in the insurance and healthcare industries, gain the benefit of ML without the need for substantial financial investment in talent or computational resources to use ML at scale.”
Currently, TAZI helps insurance companies realize benefits of ML with its lead scoring, cross-sell and profitability monitoring solutions to increase their revenues, efficiency, and response time. “The investment will help us expand our team and grow our base of enterprise customers. My aim is to make ML accessible for everyone, even my mom should be able to use it soon,” said Zehra Cataltepe, Co-founder and CEO of TAZI.AI.
According to Yaser S. Abu-Mostafa, professor in the Learning Systems Group at Caltech, coupling the technologies of TAZI, continuous ML, model explanations and human-in-the-loop, allows an ML system to deal with changing situations more robustly.
Dr. Xuhui Shao, Managing Partner at Foothill Ventures, said: “TAZI.AI’s technology and ground-up business user focus is unique within the ML system space, and we believe our AI SaaS experience comes at the right time to help the company scale.”
Alper Karagoz, Partner at Diffusion Capital Partners, said: “We’ve been supporting TAZI.AI since their first institutional round. We’re happy to participate in their new financing round as the company expands its customer base.”
Long-term industry veteran Bill Elmore, founder of Handshake Ventures reflected: “TAZI’s strong product and the team led by the impressive co-founders Zehra and Tanju will help the realization of their vision, this is definitely worth our support.”
TAZI.AI’s founding team has extensive research and industry experience in ML, demonstrated by more than 100 publications and 23 patents. TAZI.AI’s Adaptive ML was honorable mentioned in the 2022 Gartner® Magic Quadrant™ for Cloud AI Developer Services. The company is a Gartner Cool Vendor in AI Core Technologies and also has been included in more than 10 other Gartner reports mentioning TAZI as a Responsible ML platform.
The current funding round is led by Illuminate Ventures, with the additional participation of Diffusion Capital Partners, Foothill Ventures, Handshake Ventures and angel investors.
Founded in May 2017, TAZI.AI is built on a vision of Adaptive and Responsible ML accessible to all companies and users. It provides easy-to-use, no-code, adaptive and transparent ML solutions based on its proprietary platform. TAZI.AI is headquartered in San Francisco. You can learn more about TAZI at www.tazi.ai.
About the Investors
Illuminate Ventures is a seed stage Enterprise/B2B software-focused VC firm led by experienced operators. They provide capital and know-how to startups with initial market traction. More than 80% of the founding teams are diverse, nearly half including women. Diffusion Capital Partners (DCP) is a leading venture capital fund manager with a focus on deep-tech opportunities, partnering with visionaries of technology-intensive projects in order to help them create a product and scale it globally. Foothill Ventures is a technology-focused venture fund based in California, bringing in deep AI expertise and making pre-seed to A-round investments in startups across software, life science, and deep tech. Handshake Ventures is a VC firm with investments in technology and AI and it brings decades of experience to help founders.
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