Akkio raises $15M to advance no-code AI platform for businesses
Akkio, a Massachusetts-based company providing a no-code platform for quick AI deployment in businesses, revealed securing $15 million in a series A funding round. The funding will expedite the platform’s commercialization and deliver an accessible AI assistant to individuals handling data.
Akkio has gained industry recognition for its innovative no-code AI platform, which empowers businesses to harness the full potential of artificial intelligence without requiring specialized technical expertise. This funding marks a testament to the growing demand for accessible AI solutions and further strengthens Akkio’s position as a trailblazer in the rapidly evolving landscape of AI-driven automation.
The platform’s key strength lies in its no-code approach, enabling businesses of all sizes to develop AI models seamlessly and efficiently. Unlike traditional AI development, which necessitates specialized data science and programming skills, Akkio’s user-friendly interface allows non-technical professionals to build sophisticated AI models using a visual workflow. This democratization of AI lowers barriers to entry and enhances overall organizational efficiency and decision-making.
“This investment allows us to scale and advance our platform so business analysts can leverage AI technologies to work faster, unlock new insights, and make a bigger impact for their organization,” Abe Parangi, cofounder and CEO of Akkio, said.
Simplifying AI with Akkio’s No-Code Platform
The platform has been designed for simplicity and lets users build AI models by selecting datasets without specialized knowledge. The model is built rapidly and allows users seamless integrations into internal applications. Akkio incorporates AI-driven features that address crucial data-related aspects to simplify AI development and deployment further.
For instance, the chat data prep feature allows users to automate data cleaning and preparation through natural language chat. This includes tasks like combining columns, summarizing records, and performing complex calculations, all without the need for manual intervention. This step is essential in ensuring the data is optimized and ready for AI analysis.
Additionally, Akkio introduces the Chat Explore capability, a novel approach enabling data analysts to interact with their data using GPT-4. Analysts can effortlessly identify patterns and insights through natural language conversations, which are instantly translated into live charts and visualizations. This seamless integration of AI-driven capabilities empowers analysts to gain deeper insights and make data-driven decisions more efficiently.
The platform’s Forecasting model takes it further by intelligently identifying patterns within live data and generating accurate forecasts. This forecasting functionality is instrumental in predicting crucial business aspects like inventory availability, sales performance, and marketing trends. With these insights, businesses can proactively plan and strategize, improving efficiency and decision-making.
Akkio’s Success and the No-Code AI Market
Akkio proudly boasts a solid customer base, with “hundreds of customers” leveraging its offerings to harness the power of AI and enhance its data-driven processes. Among its satisfied clientele are industry leaders such as Ellipsis Marketing, AngioDynamics, and Standard Industries, who have embraced Akkio’s no-code platform to streamline their operations and gain valuable insights from their data.
The no-code AI development sector has witnessed gradual growth, particularly accentuated by the challenges posed by the pandemic and the scarcity of data science talent. In response to this demand, various players have entered the arena, vying for dominance. Notable contenders in this space include Datarobot, Google AutoML, Obviously AI, and Fritz AI, each striving to provide accessible AI solutions to businesses seeking to optimize their workflows and decision-making processes. As the competition intensifies, the market is witnessing a surge in innovation and improved offerings, driving the advancement of no-code AI technology.
“We’ve been developing the platform for three years and just started signing up customers in 2022. Our customers range from a 2-person marketing shop to a multi-billion freight management company. This stuff is hard and we’re focused on ease of use. It takes a long time to make complex tech. Now we’re already in the hundreds of customers and this thing is moving,” Reilly said, COO at Akkio.
Reilly also admires companies like DataRobot, who pioneered the space, but also added they target a different segment especially focused towards small businesses who want to more value from data without involving data departments.