Akooda raises $11 million to help businesses reduce meetings

Akooda raises $11 million to help businesses reduce meetings

In the fast-paced world of business, time is a precious commodity. However, for many companies, crucial hours are often swallowed by numerous meetings aimed at understanding their operations better. Recognizing this challenge, Akooda, a cutting-edge technology firm, has harnessed the power of Artificial Intelligence (AI) to streamline the process of business comprehension and foster productivity. By leveraging AI-driven solutions, Akooda empowers organizations to gain deep insights into their operations with fewer meetings, liberating time for more strategic pursuits.

The company also announced an investment of $11 million and saw contributions from various firms, including NFX, Atlassian Ventures, Village Global, Founder Collective, and other undisclosed angel investors. Akooda’s innovative AI-powered solution provides businesses with a comprehensive platform to interpret complex data, uncover trends, and generate actionable insights without resorting to an excess of meetings. The platform utilizes advanced machine learning algorithms that process vast amounts of data from various sources, including sales, marketing, finance, and customer feedback, to create a cohesive and insightful overview of a company’s performance.

Akooda CEO Yuval Gonczarowski said,

“We connect to the entire public digital footprint of your organization including public Slack messages, Confluence documentation, pieces of code, sales entries in Salesforce and HubSpot, JIRA tickets — anything where knowledge is created in the company,”

Akooda’s AI platform uses sophisticated data analytics to identify patterns, trends, and correlations that human analysts might overlook in traditional meetings. The AI system analyzes data in real time, providing up-to-the-minute insights that facilitate swift decision-making, eliminating the need for prolonged discussions and follow-up meetings.

Akooda’s approach involves deconstructing organizational data and reconstructing it as user-friendly, akin to a ChatGPT experience. Individuals and managers can gain insights and ask pertinent questions about their company without time-consuming meetings and exhaustive reporting.

While Akooda utilizes large language models, CEO Gonczarowski emphasizes a nuanced approach. The company refrains from using private data to train the models. Instead, they rely on statistical modeling and analysis, focusing on a customer’s distinct lexicon, which includes “rare words” unique to each company. This ensures personalized software without directly leveraging sensitive data.

Akooda’s plans include an advanced feature set that surpasses merely answering questions. The company aims to introduce an anomaly detection engine capable of autonomously identifying potential issues. For instance, the software could flag instances where a low-revenue customer consumes excessive internal resources. While human intervention could eventually reach the same conclusions, having AI proactively inform managers is a more efficient approach, provided it highlights meaningful concerns.

Although human decision-makers are still involved, AI-powered solutions empower them with superior information to make more informed decisions. The CEO said,

 “If I look at things from a more theoretical level, an abstracted level, the role of the human in the loop is not going to change. We are still the conscientious decision makers, but collecting the data and putting those things on the table that will allow us to make a decision is something that is fundamentally going to change the way we manage companies,”

AI-Powered Business Insights for Better Decisions

The company, which currently consists of 16 dedicated employees, is actively seeking to expand its workforce by filling open positions. Regarding leadership philosophy, Gonczarowski emphasizes that diversity is a natural result of the company’s hiring practices. The key principle is to hire the best candidates while ensuring that each individual is given a fair chance to showcase their skills and potential. The company has successfully fostered a diverse and inclusive work environment by adhering to this approach.

The company’s core product is an advanced AI platform that processes and analyzes complex data from various sources within a company, such as sales, marketing, finance, customer feedback, and more. Using cutting-edge machine learning algorithms, the platform breaks down this data and reconstructs it intuitively and meaningfully for individuals and managers to comprehend. This user-friendly experience, akin to interacting with ChatGPT, allows users to ask questions and gain crucial insights without the burden of unnecessary meetings and convoluted reports.

A standout feature of Akooda’s approach is its commitment to data privacy and security. Instead of using a company’s private data to train its models, Akooda employs statistical modeling and analysis. This process involves studying the customer’s unique lexicon, including acronyms, project names, and customer names, to personalize the software for each company and industry without compromising sensitive data.

An excellent illustration of their commitment to diversity is their active involvement in an initiative to hire Russian and Ukrainian immigrants arriving in Israel. Since its inception, the company has supported this cause wholeheartedly, considering it significant.

News Source: Akooda

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