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genioux Fact post by Fernando Machuca and Claude
Introduction:
The article "Meet The AI Entrepreneur Who Used LinkedIn To Raise $13.8 Million" from Forbes tells the inspiring story of Benjamin Harvey, the CEO of AI Squared, and his successful journey in securing funding for his startup. The piece highlights Harvey's innovative approach to pitching investors, the transformative potential of AI Squared's technology, and the company's ambitious growth plans.
genioux GK Nugget:
"AI Squared is revolutionizing the AI landscape by extracting data from AI models and machine learning to calculate real-time business outcomes, attracting investors through a combination of innovative technology and bold entrepreneurial spirit." — Fernando Machuca and Claude, April 19, 2024
genioux Foundational Fact:
Benjamin Harvey, the CEO of AI Squared, successfully raised $13.8 million in a Series A funding round led by Ansa Capital, with participation from New Enterprise Associates (NEA) and former TIAA CEO Roger Ferguson. Harvey's innovative approach, which included reaching out to Ferguson via LinkedIn, and AI Squared's unique technology that acts as a "washing machine for AI," extracting data from AI models and machine learning to drive business outcomes, played a crucial role in attracting investors. The startup, founded in 2019, has now raised a total of $20 million and aims to expand its operations to meet the growing demand for AI-as-a-service software platforms.
REFERENCES
The g-f GK Article
Jabari Young, Meet The AI Entrepreneur Who Used LinkedIn To Raise $13.8 Million, Forbes, April 17, 2024.
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Classical Summary:
Benjamin Harvey, the CEO of AI Squared, has successfully raised $13.8 million in a Series A funding round, bringing the total amount raised by the startup to $20 million since its founding in 2019. The investment was led by Ansa Capital, with participation from New Enterprise Associates (NEA) and former TIAA CEO Roger Ferguson. Harvey's innovative approach to securing funding, which included reaching out to Ferguson via LinkedIn, played a key role in attracting investors.
AI Squared is a third-party software company that extracts data from AI models and machine learning to calculate real-time business outcomes. The company's technology acts as a "washing machine for AI," helping organizations fully realize the value of their AI models by integrating insights into applications that drive business results. AI Squared charges product licensing and data usage fees, and while not yet profitable, Harvey estimates that the company will surpass $10 million in revenue in 2024.
The startup, based in Washington, D.C., employs 30 people and has contracts with several high-profile clients, including the U.S. Air Force, U.S. Navy, the National Security Agency (NSA), Rapid7, and a Coca-Cola contractor in Florida. Investor Greg Papadopoulos of NEA believes that AI Squared is addressing the "last mile problem" in the AI industry, helping companies deploy their AI models and put them to practical use.
Harvey's background played a significant role in the development of AI Squared. Raised in Jacksonville, Florida, as one of seven children, Harvey developed a passion for computers at a young age. He majored in computer science at Mississippi Valley State University and later earned a master's degree and a Ph.D. from Bowie State University. In 2009, Harvey joined the NSA as chief of operations for its data science division, where he conceptualized the idea behind AI Squared after discovering lapses in providing real-time data and analytics to U.S. military personnel.
With the fresh capital from the Series A funding round, AI Squared plans to expand its business operations to meet the growing demand for AI-as-a-service software platforms. Harvey's success story serves as an inspiration to entrepreneurs, demonstrating the power of innovative technology, bold vision, and persistence in securing funding and driving growth in the competitive AI industry.
Jabari Young
Jabari Young is a senior writer and editor at Forbes, where he covers business¹. He also serves as the editorial lead at ForbesBLK⁴, a platform that amplifies the voices of Black entrepreneurs, professionals, creators, and business leaders⁴.
Before joining Forbes, Young had a diverse career in journalism. He covered sports business at CNBC, focusing on professional league media deals, sponsorships, labor agreements, and athlete portfolios¹³. He also worked at The Athletic and the San Antonio Express-News³.
Young's work at Forbes includes a wide range of topics, from the financial aspects of March Madness² to the business strategies of music artists and entrepreneurs¹. His reporting is known for its depth and insight, providing readers with a unique perspective on the intersection of business and culture¹.
Source: Conversation with Bing, 4/20/2024
(1) Jabari Young - Forbes. https://www.forbes.com/sites/jabariyoung/.
(2) Young named editorial lead, Mendez community manager for ForbesBLK. https://talkingbiznews.com/media-news/young-named-editorial-lead-mendez-community-manager-for-forbesblk/.
(3) Jabari Young – The Global Leadership Africa Summit. https://afsummit.com/jabari-young/.
(4) Money Madness: The Numbers Behind 2024's March Madness Tournament - Forbes. https://www.forbes.com/video/6349334919112/money-madness-the-numbers-behind-2024s-march-madness-tournament/.
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