SEP 13, 2023
Ikigai Labs: $25 Million Raised To Advance Generative AI For Tabular Data
AUG 27, 2023
Ikigai Labs – a company that unlocks the power of generative AI for tabular data – recently announced $25 million of new capital by Premji Invest with participation from Foundation Capital and e& capital.
What the funding will be used for: The funding will further Ikigai Lab’s vision to revolutionize how enterprises harness AI. And organizations can be trained to master AI by leveraging the Ikigai Academy and using the Ikigai platform, which is easy, fast, and powerful by design.
Organizations have vast amounts of data sitting in spreadsheets, databases, and the cloud, but using this tabular data brings many challenges that make it difficult to build, maintain, and mitigate risks with limited skilled resources. Forecasting and conducting scenario-based planning requires harnessing deep and complex data sources from disparate areas across the enterprise.
Ikigai Labs solves these issues by pairing its best-in-class time series forecasting with its no-code AI platform built on top of its three proprietary foundation blocks – aiMatch, for data reconciliation; aiCast, for prediction; and aiPlan, for scenario planning and optimization – together with expert-in-the-loop (EiTL), an innovative addition for reinforcement learning. Ikigai Academy has already trained over 6000 students from 90+ countries on topics like “No Code AI” and “Time Series Forecasting.”
Built on years of MIT research, Ikigai’s AI app platform provides enterprises the insight they need to make faster, better decisions to drive growth. Using breakthrough technology to conduct forecasting, scenario planning, data preparation, and stitching, enterprises are able to generate data insights at scale and detect patterns to gain a competitive edge. Through Ikigai’s Large Graphical Models, any data can also be trained to help businesses revolutionize the way they operate, scale, and grow.
“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. 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.”
– Devavrat Shah, Co-founder and Co-CEO, Ikigai Labs and Andrew (1956) and Erna Viterbi Chair Professor of AI and Decisions at MIT
“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. 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!”
– Sandesh Patnam, Managing Partner, Premji Invest
“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. 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.”
– Ashu Garg, General Partner, Foundation Capital
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