Australian artificial intelligence company Daisee has raised AU$8.8 million in a Series A funding round led by Alium Capital, with Thorney Opportunities and other investors.

Daisee leverages the best in AI research from leading universities including Deakin University and University of New South Wales, to create software applications for companies across a variety of industries.

Daisee is led by CEO and co-founder Richard Kimber, who brings significant experience in technology and financial services from CEO and executive roles at OFX Group, Google, ANZ Bank, and as chairman of technology startup Unlockd Media.

The Series A cash injection creates a significant war chest to fuel Daisee’s rapid growth. Since inception in August 2017, Daisee has grown to 22 employees, with offices in Sydney and Melbourne. The funding will allow Daisee to hire more software engineers and data scientists, to help establish the company as the destination for the best and brightest talent in Australia.

“Australia is at a tipping point on AI, and many companies are beginning to appreciate the competitive advantage to be gained from investing in real AI solutions,” Kimber said.

“This investment demonstrates how well placed Daisee is to service that increasing demand in the market. With the very best academic research at our disposal, combined with the team’s commercial and technical acumen, we can help companies drive efficiencies to gain and maintain a competitive advantage.”

Daisee’s research showed that Australia is at risk of failing to complete globally, with more than two thirds of Australian organisations yet to adopt AI solutions, compared with a global average of 54 per cent. According to Kimber the company’s model of being able to design, deploy, and then advise companies on AI solutions is a unique proposition in the market.

Michael Considine at Alium Capital said, “We are always on the lookout for companies who are at the forefront of technological innovation. While there is much talk of AI products and solutions, Daisee’s proposition of an experienced team leveraging world class research for commercial application sat head and shoulders above what other companies are seeking to achieve, and we’re delighted to have partnered with them at the start of their journey.”

Previous post

Alibaba Unveils Vending Machine for Cars

Next post

Connected Clothing to Become $1 billion industry in 2020