Farukh Kitchlew | Feb 19, 2024 | 0
Ikigai Labs Drives AI Solutions with $25M Funding
Organizations that struggle to utilize and analyze their data effectively might soon find a solution in the AI-powered platform Ikigai Labs offers. A recent funding round led by Premji Invest, with participation from Foundation Capital and E&Capital VC, raised $25 million. This brought its total funding to $38.2 million.
Ikigai Labs co-founder and AI expert, Devavrat Shah, underscores AI’s pivotal role in overcoming corporate data management challenges. By 2025, there is a projected 100 zettabytes of data storage. However, only 13% of organizations execute their analytics and data strategies effectively.
Ikigai has built its platform upon proprietary graphical models that handle tabular, sparse, and time-stamped enterprise data. These models enable companies to create AI-powered applications for forecasting, scenario planning, and analysis. Unlike large language models (LLMs), which are costly and better suited for unstructured data, Ikigai’s graphical models provide efficient solutions for many use cases.
Sandesh Patnam, a managing partner at Premji Invest, shares Shah’s confidence in Ikigai’s unique value. Patnam emphasizes the team’s industry expertise and innovative approach. Furthermore, he indicates that enterprises seeking to leverage generative AI for their tabular data will adopt Ikigai’s graphical models.
With this new funding, Ikigai plans to expand its team from 30 to 70 employees by the end of the year, reinforcing its commitment to revolutionizing AI integration in enterprises.