AI app building startup TrueState secures $1.5m raise
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The news: Sydney startup TrueState has raised $1.5 million to help businesses build their own AI apps.
The context: TrueState's raise was backed by Airtree, Side Stage Ventures, Galileo Ventures and Imprint Capital Partners.
The startup's aim is to help businesses to build reliable, high-impact AI applications in a matter of days, rather than the six to 12 months typically required.
TrueState's platform includes a suite of AI application templates that, when integrated with customers' operational data, can support high-value use cases, like predicting machinery failure or recommending next-best-actions to prevent customer churn.
The platform uses a simple interface so that non-technical teams can also build and configure their own AI use cases such as supply and demand forecasts, and optimising inventory and cashflow.
What they said: TrueState founder Will Ashford said: "Every industry is being reshaped by AI. Winners are defined by their ability to harness the right AI tools to deliver real commercial value before their competitors.
"But right now, we’re seeing most businesses in one of two scenarios. They are either investing in a huge tangle of third-party AI toys that are more hype than impact, or they are taking months or even years to build their own AI tools, often relying on costly external consultancy firms.
"The reason for these delays is because companies get caught up building the necessary supporting software to support their dream use cases. It’s like they wanted to conduct some financial analysis but were forced to build their own Microsoft Excel along the way."
The source: TrueState media release
