AI research and Cloud services startup Abacus. AI launches world's first fully autonomous AI service

Abacus.AI, formerly RealityEngines.AI, a California based AI research and cloud Services Company, has now secured $13 million in Series A funding round. The company also announced the general availability of the world's first fully autonomous AI service.

Abacus.AI is founded by the Arvind Sundararajan, Bindu Reddy, and Siddartha Naidu. It allows organizations to plug and play learning systems into their existing customer experiences and business processes.

Gus Shahin, CIO of Flex, said, "Even a 5% accuracy improvement in demand forecasting predictions results in a significant impact to the bottom line of supply chain and manufacturing companies like ours. Abacus.AI's deep learning models have better accuracy than the other techniques that we have applied to-date and provide forecasts even if there is very little historical data."

Mike Volpi, Partner at Index Ventures, said,"We are excited to announce our Series A investment in Abacus.AI. As we've spent the last few months working with them, we are even more convinced that their vision of democratizing AI is spot on, and that they are going after a massive opportunity. Bindu Reddy, Arvind Sudararajan, Siddartha Naidu, along with their extraordinary team, are the right people to pull this off and the entire Index team is honored to be supporting their journey”.

The round which brought the total funding secured to $18.25 million was backed by Index Ventures. Other participating investors include the Ram Shriram, Jerry Yang, Eric Schmidt, Xuezhao Lan, Jeannette Furstenberg, Erica Shultz, Neha Narkhede, and Decibel Ventures.

Post funding, Mike Volpi and Ram Shriram will join as the company Board of Directors team.

The company, as of now, has plans to use the new funds to scale the service, gain early customers, and grow its research team. Additionally, Abacus.AI intends to open-source a module that will help in de-biasing the AI models.

PC: Pablo, Unsplash