a16z Crypto Fund Leads $30 Million Investment into People.ai Artificial Intelligence (AI) Platform
People.ai is an AI (Artificial Intelligence) platform. On October 23rd, 2018, it released an official statement stating that it had raised thirty million dollars in its series B funding, which was spearheaded by Andreessen Horowitz.
Other participants in this funding round were Series A Investors Y Combinators GGV Capital and Lightspeed Ventura Partners.
How The Money Will Be Used
The company announced that the thirty million dollars that were raised in this funding round will go towards funding the data science efforts being pursued by People.ai. In addition, this money will also attract new customers as well as expand its commercial operations to include new regions.
Some of its current customers include New Relic, Lyft, and Palo Alto Networks. While releasing this statement, the company also stated that Peter Levine, who is a General Partner at a 16z would be joining its board of directors.
Peter Levine stated that they believed that,
“People.ai would become a leading company for the Saas to be released in the next generation. The unique combination of machine learning and SaaS has made it possible for organizations to mechanize data collection and use that data to enhance efficiency and productivity in their marketing, customer service, and sales departments.”
He added that they had been impressed by the traction that had been made by the team and the fact that the company had managed to attract large organizations to form its client base. In addition, combining technical capabilities and business acumen was the perfect definition of true leadership.
He finished by saying that his company was proud to be partnering with People as they look towards the future. Art Harding from New Relic added that,
“Many companies had been bragging about the total amounts of data that they were collecting, but People.ia was unique as it stood out from the crowd. This was a company that had an artificial intelligence that was capable of providing other organizations with meaningful ways of running their operations.”
By taking a critical look at all revenue generation activities from the sales processes to the post-sales activities, it was possible for a company to learn of ways that they could use to accelerate their existing opportunities.
The Artificial Intelligence (AI) can also be used to highlight areas that are likely to pose serious risks for a business. As such, the AI will provide a better return on investment for the organizations, as well as for the customers that they are serving.
Oleg Rogynskyy, People’s CEO and Founder finished off by saying that they were pleased to have Andreesen leading the Series B funding round. The money collected would help them expand their operations as well as accelerate their growth to help them achieve optimal market reach.
Businesses operating in today’s modern world have no option but to differentiate themselves from their competitors as quickly as they can. Oleg added that,
“The main purpose of starting the company was to make it possible for enterprises to enjoy the power that comes with having a powerful AI that can help an organization automate all its time-sensitive tasks.”