Wednesday, 28 March 2018 10:17

AI start-up Daisee raises $9 million in funding Featured

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AI start-up Daisee raises $9 million in funding Image courtesy of Cooldesign at FreeDigitalPhotos.net

Australian artificial intelligence start-up Daisee has filled its coffers with $8.8 million from a Series A funding round, with the funds to be used to fuel future growth.

The funding round was led by Alium Capital, with Thorney Opportunities and other investors.

Daisee, led by chief executive and co-founder Richard Kimber, has set out to leverage 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.

According to Kimber, who brings significant experience in technology and financial services from chief executive and executive roles at OFX Group, Google, ANZ Bank, and as chairman of technology startup Unlockd Media, “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”.

“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.

“Our research shows 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%. Our model of being able to design, deploy, and then advise companies on AI solutions is a unique proposition in the market.”

Kimber says the funding round is evidence of investor confidence in Daisee’s cutting-edge AI commercial technologies and growing demand for AI in the local market, and the 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 and Kimber says 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”.

Alium Capital’s Michael Considine 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.”


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Peter Dinham

Peter Dinham - retired in 2020. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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