Indy Tech Startup Secures Additional Seed Funding
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Indianapolis-based ConverSight.ai says it has closed on a $4 million Series Seed round of funding. The startup, which has developed an artificial intelligence and adaptive analytics platform, says it will use the funding to further enhance its platform and expand sales and marketing teams.
The funding round was led by Elevate Ventures in Indianapolis with participation from Surface Ventures in New York, Ohio-based Rev1 Ventures, and existing investors such as Bread and Butter Ventures and Charmides Capital.
The company, which recently moved its headquarters to the 16 Tech innovation district near downtown Indy, says its platform enables supply chain leaders to plan for safety stock, forecast demand, and plan for the future.
“As businesses navigate ongoing challenges presented by the COVID-19 pandemic, we have made incredible progress developing conversational AI-driven solutions to support supply chain leaders in making better decisions and optimizing operations.” said Ganesh Gandhieswaran, chief executive officer of ConverSight.ai. “Consumer behavior has changed for good and supply chains simply cannot afford to operate via traditional systems and excel sheets. That is why this round will play a huge role in allowing us to expand our marketing and sales efforts, in addition to product development, to create more efficiencies across the supply chain ecosystem.”
The company says the funding will also be used to further grow its AI assistant, known as Athena.
The funding round comes about a year and a half after ConverSight.ai raised $1.5 million in seed funding. In September 2019, the company also secured $700,000 in funding.