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Wednesday, 25 August 2021 14:48

PI.Exchange primed to democratise AI after $2 million pre-series A funding round

By PI.Exchange

COMPANY NEWS: Australian AI-as-a-service provider PI.Exchange is set to seize enterprise opportunities across the region, from banking and retail to professional services, after its successful pre series A funding round.

Historically, building artificial intelligence capability has only been accessible to tech giants due to the significant investment required in time, resources and specialised talent. PI.Exchange's AI and Analytics Engine reduces these barriers to entry for developing AI and ML applications end-to-end, by reducing the need for data scientists and upfront investment into the AI/ML infrastructure.

"AI and ML professionals are scarce, while existing AutoML services are still expensive to adopt," said funding round participant Nextrans VC director and partner Chris Seungho Chae.

"PI.Exchange is the only solution which democratises this technology by making AutoML available to all enterprises of all sizes, even those without a dedicated AI and ML team."

Led by founder and CEO Quan Pham, PI.Exchange is a Victorian domiciled company with close to 30 employees and a range of major enterprise and government customers. PI.Exchange has closed an interim round of US$2 million with the participation from existing investors and new ones including AI-dedicated VC, Boab AI, Artesian, Nextrans and Vision Creator.

The funding round will allow PI.Exchange to increase the capacity of its business development, sales, marketing and delivery functions by 30%. This will position the business to seize opportunities from SMBs and enterprises in banking, telco, retail, logistics and professional services presenting themselves in the ASEAN and the wider APAC region.

The funding also allows PI.Exchange to enhance its self-serve AI-as-a-service offering through deep usability testing and increased market visibility.

"Since meeting Quan and the PI.Exchange team, I have been deeply impressed not only by their comprehensive product solution but also their significant traction in the market in a short period of time," said Boab AI managing director Andrew Lai.

"With the additional growth capital and support from this fundraising round, I have no doubt PI.Exchange will continue to punch above its weight and become an international champion in AI-driven data analytics. PI.Exchange is excited to partner with new and existing investors as this growth capital supports the acceleration and scaling of its unique AI and analytics platform," said Himat Trust director Hemant Bhatt.

"As the first and ongoing investor in PI.Exchange, we are excited about the prospects as the world continues to accelerate its adoption of advanced AI analytics as an integral part of their businesses. This fundraising round is a testament to what Quan and his able team at PI.Exchange has built for our growing client base," Bhatt said.

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