NEWS
Enterprise AI platform startup Aquant raises $10 million in Series A funding led by Lightspeed Ventures
TechStartups Team POSTED ON NOVEMBER 27, 2018
We live in an Internet age where business runs 24 hours a day and 365 days a year. Business customers come from different part of the world and as such, organizations cannot afford the cost of downtime to their mission-critical systems. Making critical enterprise systems available is, undoubtedly one of the most important functions of every organization. Aquant is a SaaS enterprise AI platform startup that is helping companies to maintain maximum system uptime. Aquant uses AI and machine learning to learn enterprise’s unique language and use it to maximize equipment uptime.
Today, the New York-based Aquant announced it has secured $10 million in series A funding led by Lightspeed with participation from World Trade Ventures, Angular
Ventures and SilverTech Ventures. Nicknamed as “Uptime as a Service,” Aquant is an AI-powered Service Intelligence platform for manufacturing and service companies. “This is an incredible milestone for us,” Aquant said in an email to TechStartups.
Founded in 2016 by Shahar Chen and Assaf Melochna, Acquant drives a dramatic reduction in machine downtime and improves first-time-fix rates by applying state of the art artificial intelligence and natural language processing for companies’ CRM, Asset Management and Workforce Management data silos. Through AI and machine learning, Aquant enables companies to make smarter, faster, data-driven decisions by providing predictive actionable service recommendations. Operating in a $647 billion-dollar market, Aquant was built by industry experts with a passion to help companies eliminate the unplanned downtime of their products in the most profitable way. Aquant’s unique data-driven technology mines historical data for insights, merges all existing data silos and creates one centralized SaaS platform for all service data and decision making.
“The yearly cost of machines downtime is estimated at $647 billion in the US alone,” says Shahar Chen, CEO & Co-Founder of Aquant. “Maximizing machine uptime directly impacts all levels of service from customer satisfaction, customer effort, revenue, cost, productivity and efficiency levels,” he adds.
“We know every manufacturing and service company is unique, but we have found they all share a common thread. They have unutilized data and employee wisdom, which if used correctly, can maximize uptime. The challenge is to mine historical data from different silos in different formats, in some cases very unorganized data, and transform it into meaningful data in record time,” says Assaf Melochna, COO & Co-Founder of Aquant. “Vertical applications of AI and Machine Learning has been an important investment thesis of ours, over the past couple of years,” says Tal Morgenstern, Partner at Lightspeed.
“Aquant is a fantastic example for such an application. They’re going after a relatively ‘old school’ industry which is rapidly changing. Their ability to quickly drive results for customers stems from their unique know-how of this specific domain coupled with state of the art technology. We believe there’s a massive opportunity in the space and are very happy to partner with them.”
https://techstartups.com/2018/11/27/enterprise-ai-platform-startup-aquant-raises-10-million-series-funding-led-lightspeed-ventures/
SQream Raises $26.4M in Strategic Series B Funding Round Led by Alibaba Group
May 30, 2018 in News, Releases
Funding will be used to cement SQream’s position as the leading GPU database of choice for enabling enterprises to maximize and leverage their big data analytics
TEL AVIV, Israel — (May 30, 2018) – SQream, developer of SQream DB, the leading GPU database for analyzing massive data stores at a fraction of the cost, announced today that it has raised $26.4 million in Series B funding. The latest round was led by Alibaba Group (NYSE: BABA) with participation from existing and new investors including Hanaco Venture Capital, Sistema.vc, World Trade Ventures, Paradiso Ventures, Glory Ventures, and Silvertech Ventures.
SQream DB, a powerful SQL analytical database, enables companies to analyze up to 20 times more data, up to 100 times faster, at as little as 10% of the cost and administration. SQream DB harnesses the power of thousands of parallel processing cores in NVIDIA GPUs. The solution allows users to easily ingest, store and analyze tens to hundreds of terabytes of data and more with significantly reduced infrastructure and manpower resources. The result is unparalleled power and flexibility to explore and analyze massive amounts of data. The latest investment reinforces the rising challenge facing enterprises to take full advantage of rapidly growing data stores.
“SQream is uniquely positioned to provide enterprises with the solution they require to lower the barrier for accessing and analyzing rapidly growing, large-scale data stores in the cloud. We are pleased to expand our relationship with SQream, and work together to accelerate the growth of the cloud industry,” said Chaoqun Zhan, Director of Alibaba Database Business.
This strategic investment deepens the relationship between Alibaba Cloud and SQream. In February, the companies announced a collaboration agreement to provide Alibaba Cloud’s customers with a cost effective way to set up, access and analyze data in the cloud, enabling more comprehensive analytics and previously unobtainable business intelligence.
“We are very gratified with the vote of confidence we have received from this round’s lead investor, Alibaba Group, and our other key investors,” said Ami Gal, CEO and Co-founder of SQream. “The financing enables us to accelerate technological integration with ecosystem partners, and to grow our global sales and marketing team as we help enterprises worldwide meet the challenges of accessing and analyzing data from exponentially growing massive data stores”.
RVC shoppers see savings with Cinch
By Ben Strack
The start-up economy has come to Rockville Centre, in the form of a new cashless payment app designed to support local businesses, save consumers money and help local charities. Cinch Wallet, a web application founded earlier this year, is changing the way village dwellers shop.
Richner Communications, which publishes the Rockville Centre Herald, is the local force behind the project. “We were looking for ways to strengthen the local community,” said Stuart Richner, a longtime Rockville Centre resident and co-publisher of the Herald Community Newspapers. “We felt Cinch had the potential to keep money in the community — benefiting both residents and local businesses while building the fabric of the community. It aligns with what the Heralds have done for so many years.”
Richner teamed up with Cinch co-founders Marc Liebmann and Maya Komerov to produce a mobile wallet for local communities. Liebmann and Komerov were the perfect partners, Richner said, noting that they had the technology in place and understood the need to bolster local businesses. Cinch Wallet allows local businesses to compete with the big-box and chain stores, Liebmann told the Herald, as well as online distributors like Amazon, which, he said, have hurt local businesses around the country in recent years.
“Rockville Centre has a pretty thriving Main Street … so we wanted to help that growth and figure out a way to encourage people to shop locally,” Liebmann said. “In looking for a place to debut this new concept, it was very important for us to go into a community that had a good array of businesses, as well as a strong base of consumers who care about their community.”
More than 50 Rockville Centre businesses currently accept Cinch payments, including bars, restaurants, gyms and salons. Users can pre-load money to their cell phone with a credit card and pay with their phone at the time of purchase. The technology is similar to that used by Starbucks and Dunkin’ Donuts, and gives local businesses the ability to offer perks and discounts to loyal users just like the big guys.
Unlike some other mobile payment methods, Cinch users receive discounts of up to 30 percent in exchange for pre-paying. New users receive $10 free the first time they load money, and get $10 if they refer a friend. Residents can sign up by visiting www.cinch.ky/rvc.
“Essentially, your money is worth more when you shop locally,” Liebmann said. “You put in $100 and you get $120 to spend. Maybe you get $140 to spend, maybe $110.” Each business establishes its own discounts and specials.
Businesses say Cinch is, well, a cinch to use
“When it first started, people really liked it because it was just simple and easy, and you were given the extra Cinch bucks,” said Elisha LaRocco, the marketing and catering director at the Flour Shoppe Café. “[It] was cool, because everybody likes free money.”
Matthew Chapman, general manager of GM Burger Bar, said that Cinch has attracted new customers and draws back loyal visitors as well. “The guests love it because they get to save a little bit of money,” he said. “I like it because they’re more inclined to eat out more frequently, knowing that they can. It’s great for local business.”
In addition to attracting new customers through the app, Liebmann explained, businesses can customize special offers and promotions based on the time of day, or the day of the week.
“I think just making things accessible and easy for customers like Cinch did really keeps people local and wanting to invest in local companies,” LaRocco said.
“I used it once, I had a good experience and I plan on using it again,” noted Rockville Centre resident John Cameron, who used the app at Chadwicks American Chop House and Bar. “It provides a substantial benefit at those businesses that utilize it. It’s a very substantial discount.”
Michelle Sewell said she has used Cinch for the last few months, and that she liked it enough to join its team. “Cinch saves me money, supports RVC businesses and donates to local charities while keeping money in the local economy,” she wrote in an email. “I have also downloaded the web-based app on my teens’ phone so they can use it in town after school.”
Rockville Centre resident Kathy Baxley said she has used the app at five businesses so far, including Parmagianni, Wild Ginger, George Martin, Glass Beauty Bar and Personal Training Institute.
“It’s a good deal for all involved,” she said. “The merchants get more people coming to shop, they get more money up front … I get additional money put into my account for these different merchants and I get to shop locally.”
’It’s a win-win-win’
Cinch gives back a portion of every dollar spent on the app to local charities and causes, like the Rockville Centre Education Foundation. Baxley said she hoped to see more causes benefit from the application, such as the South Side High School PTA, the Rockville Centre Breast Cancer Coalition and the RVC Conservancy. Liebmann said the app would expand the list of causes that receive proceeds in the future, based on consumer choices.
“The Cinch people are very generous with giving back to the community,” Baxley said. “I love that some money is going back to nonprofits that I support in town.”
Cinch is also being introduced in Lynbrook and East Rockaway, and is set to launch in Long Beach soon. “We’re returning control of money to the community,” Liebmann said, “rather than to the big businesses and the internet.”
“This is the ultimate in our quest to encourage local shopping,” Richner said. “It benefits the entire community — consumers, businesses and local causes. It’s a win-win-win.”
Aquant.io Announces $2.6M Seed Round, Bringing AI Into the World of Service to Solve the Multi-Billion-Dollar Downtime Problem
http://markets.businessinsider.com/news/stocks/Aquant-io-Announces-2-6M-Seed-Round-Bringing-AI-Into-the-World-of-Service-to-Solve-the-Multi-Billion-Dollar-Downtime-Problem-1007178113
NEW YORK, Nov. 7, 2017 /PRNewswire/ -- Aquant, a New York City-based tech company, announced it has secured $2.6 million in seed funding from World Trade Ventures, SilverTech Ventures, AngeList Syndicate led by Gil Dibner, and a group of private investors in order to expand their customer base and accelerate development of the technology's abilities.
Aquant, a rising name in the tech business ecosystem, has developed sophisticated AI and machine learning technology to addresses the multi-billion-dollar problem of machinery downtime that troubles service companies. The unique aspect of Aquant's technology is its ability to locate potential failures at levels that are difficult to be predicted by humans.
Companies in the service industry have gotten used to paying a fortune on a yearly basis on machinery downtime and recurring technicians' visits, due to lack of technicians' skills and wrong stocking of parts.
Aquant provides service companies with a permanent solution for this problem.
"The downtime problem is a $647 billion a year problem. It still amazes me that service companies have let this problem go on for so long," says Shahar Chen, CEO and co-founder of Aquant. "It takes an amazing, experienced, dedicated team with the specific knowledge of the industry and of AI to change things and solve this problem. We are really proud of the team at Aquant.io for providing the solution the industry has been looking for."
Engineered with predictive AI and machine learning, Aquant's state of the art algorithms are able to forecast the servicing needs long before they occur and save precious downtime, all based on the analysis of existing historical structured and unstructured data.
"As one of the pioneers to introduce artificial intelligence and machine learning to the space of service, Aquant is creating a revolution by eliminating the need to replace existing IT systems at an excessive cost," says Assaf Melochna, COO and co-founder of Aquant. "Instead, Aquant turns those IT systems into intelligent ones by providing a 'brain' that is able to collect and analyze any format of data in a flash and generate predictions for expected technical failures of the machine, the most cost-effective solution and the required parts and skills in order to increase uptime."
"We are excited to be a part of Aquant's growth trajectory and looking forward to seeing Aquant's team grow their company and provide value to their clients on a global scale," said Charlie Federman, Partner at SilverTech Ventures.
The company is a winner of the Industry Innovators 2017 Award, and the keynote speaker at the upcoming Field Service Connect convention in Austin, Texas on Nov. 13.
For further information and to learn more about the revolutionary technology contact rel="nofollow">hello@aquant.io.
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This NYC Startup Raised $11.7M to Take The Apartment Renting Process Out of the Stone Age
http://www.alleywatch.com/2017/10/nyc-startup-theguarantors-raised-11-7m-take-apartment-renting-process-stone-age/
Did you know that nearly a quarter of Manhattan rental applications are rejected? Having the 7th highest rejection rate in the country, you need to make sure that you can prove that you’ll be a reliable tenant. TheGuarantors is an innovative insurtech service providing renters that may not normally qualify with stringent guidelines with a rental lease guarantee that offers peace of mind for landlords. Already widely being used in NYC and an eye towards growth in other markets and products, TheGuarantors is poised to disrupt the real estate industry.
AlleyWatch chatted with founder and CEO Julien Bonneville about their recent funding and how they are expanding their offering.
Who were your investors and how much did you raise?
We raised $11.7M in Series A funding from more than 20 individual, VC, and real estate investors. White Star Capital and Alven Capital led the round, which also included SilverTech Ventures (the venture arm of Silverstein Properties), Global Founders Capital, Rocket Internet Capital Partners, Partech Ventures, and several other prominent investors.
Tell us about your product or service.
We are an insurtech startup that develops innovative insurance products for the real estate industry.
Through our first product we act as a lease cosigner to residential tenants who have difficulty qualifying for an apartment on their own. We distribute this Lease Guarantee through our online Leasing Portal, a technology platform that streamlines the application, underwriting, and policy issuance processes. Today, we’re accepted by most of the predominant landlords in New York City and New Jersey, and we’re launching in ten new markets over the next year.
Also, through working closely with New York’s largest landlords, we’ve discovered many additional components of property leasing and insurance that are ripe for innovation. In response, we’re developing new technology enabled insurance solutions geared toward landlords and renters in both residential and commercial real estate. Stay tuned for more.
What inspired you to start the company?
As a French national, I first moved to New York to attend business school at Columbia. As a student, I struggled to qualify for an apartment and soon learned that many New Yorkers, not just internationals and students, experience similar issues while apartment hunting. I founded TheGuarantors to solve these issues, starting with the lease qualification process. Since entering the space I’ve become even more excited by all of the opportunities that technology presents to the real estate and insurance industries.
How is it different?
What helps set us apart is our technology platform. It enables highly efficient distribution by connecting landlords, property managers, brokers/agents, and tenants via customized portals and innovative workflow automation. We’ve also developed a proprietary applicant scoring algorithm, which allows us to more comprehensively assess risks. We’re real estate experts with technology at our core, which gives us a different perspective than other insurance and property management companies.
What market you are targeting and how big is it?
We’re targeting several segments of the U.S. property and casualty insurance and surety markets, which in aggregate total over $100 billion. Our business lines currently under development have an addressable market of $20 billion.
What’s your business model?
For our Lease Guarantee, the tenant pays a fee of 5-10% of the total rent for the term of the lease. The guarantee is backed by The Hanover Insurance Group, a Worcester-MA insurance company with $14 billion dollars in assets.
How has your business changed since we last spoke to you around this time last year?
We’ve increased the value proposition of our Leasing Portal by adding new features in several areas, such as landlord/tenant collaboration and underwriting. We’ve also added key integrations that enable us to gauge real time changes in applicant risk and better manage renewals.
Over the last six months, revenues have tripled and the team has grown from 5 to 27 employees, with the majority dedicated to technology. We’re proud to now be accepted in roughly 600 buildings and 100,000 units, and we’re onboarding new properties every week.
What was the funding process like?
We’ve developed strong relationships with our seed investors, the vast majority of whom participated in the Series A. Such support made this fundraising round much smoother and quicker than the seed round. Additionally, we’re thrilled to partner with several new investors, such as Rocket Internet and Global Founders Capital.
That said, we’re now back to work and excited to shift 100% of our focus to product development and business operations.
What are the biggest challenges that you faced while raising capital?
This was my first time raising a Series A, which has been an incredible learning experience. We were fortunate to be oversubscribed in the round, so the most difficult part was determining which new partners would be most complementary to our existing group of seed investors. I’m very grateful for all of the guidance and support I received from my advisors as well as my network of fellow entrepreneurs in New York City.
What factors about your business led your investors to write the check?
Our investors like the core characteristics of our business and market traction we’ve received to date. We were able to achieve break-even six months after launch and have proven attractive unit economics going forward.
Additionally, we’ve developed a strong team of experts that understand the complexities of the insurance and real estate industries, which involve state-by-state regulations, an understanding of credit and bankruptcy laws, and several other intricacies unique to our business.
What are the milestones you plan to achieve in the next six months?
We’ll launch in four new cities over the next six months, starting with Boston and the Washington D.C. metro area. We’ll also introduce another insurance product over our Leasing Portal, with a third product scheduled to hit the market shortly thereafter. At the same time, we’ll increase NYC penetration, where we see a lot more potential.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
Scrappiness and networking can be substitutes for funding, at least in the short run. When you’re lean you instill these traits into your culture out of necessity, but they’re just as important after you’ve closed financing.
Where do you see the company going now over the near term?
We’ll remain very execution-oriented. New York City is our pilot market because of its size and appetite for innovation, so we’ll continue to develop and refine products here. At the same time, we’ll take a disciplined, systematic approach to expansion outside of New York where we’ll begin to discover which practices to replicate vs. which to adapt. We’re excited to be at the intersection of real estate, technology, and insurance, and will stick to our core of delivering value to the participants within that ecosystem.
What’s your favorite restaurant in the city?
My wife Virginie and I love Insa Korean BBQ in Gowanus.