AI Sector Spotlight: Enterprise Automation Tools
This series examines significant artificial intelligence, machine learning, and big data innovations in key sectors of the economy
The rapid adoption of practical artificial intelligence has left few parts of the economy untouched. The potential of AI technology promises to reshape and disrupt the creation of art and media, medicine, law, and other age-old disciplines. In this series, we examine the effects and opportunities of AI integration in key sectors of the economy. Below you’ll find a spotlight on enterprise automation tools and examples of investments from our AI Fund portfolio.
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Deadline to Join: August 31, 2023
Enterprise Automation Tools
The adoption of AI is supercharging automation to serve as a force multiplier for employees while maintaining low overhead. Where dedicated positions and layers of middle management were previously required to achieve results, AI tools in development promise to radically reduce time and cost for tasks.
In one of the most high-profile examples of AI adoption at the enterprise scale, IBM CEO Arvind Krishna indicated in May that the company would pause hiring around 7,800 open positions. Krishna anticipates that AI will eventually carry out these positions’ functions. In other sectors, AI is being used as a force multiplier, enabling teams to automate menial tasks and increase efficiency. Overall, AI adoption will rise as it’s integrated into more enterprise tools that many organizations already use.
Key Sector Data Points
Enterprise Automation Companies in AV’s Portfolio
Evabot is a unique corporate “gifting-as-a-service” platform that digitizes and personalizes the relationship management process. The company uses AI, big data, and machine learning to create a smarter, more personalized, and more effective product for its clients.
How We’re Involved: $10.8 million Series A led by Comcast Ventures, with participation from Precursor Ventures and Bloomberg Beta
1up is an AI-powered competitive intelligence platform designed to give leading companies real-time information on their competitors. Market research is often housed in different silos or systems. 1up’s platform effortlessly pulls all data from various repositories such as LinkedIn, competitor websites, GlassDoor, and CRM systems.
How We’re Involved: $2 million seed round with participation from RRE Ventures and 8-Bit Capital
Replicant uses AI to help large, B2C enterprises automate their most common customer service calls while empowering agents to focus on more complex and nuanced customer challenges. Their voice AI, trained on over 30 million customer service calls, provides human-like customer service on the phone and in chat.
How We’re Involved: $78 million Series B led by Stripes Group, with participation from Norwest Venture Partners and Salesforce Ventures
Replicant AI Voice for eCommerce
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AI Fund 3 Open Through August 31
Our AI Fund will invest in a diversified portfolio of ~20-30 companies applying AI, machine learning, big data, and related technologies. The fund will be invested over ~12-18 months with a large reserve (~20-25%) for follow-on opportunities. AI Fund 2 was oversubscribed, and we had to establish a waitlist to accommodate interest. Click below to review fund materials or connect with a Senior Partner to learn more.