Foundry.ai, a Washington DC-based creator of artificial intelligence (AI) software solutions for large enterprises, closed its first fund, Foundry Fund I.
The first close of $67m will allow Foundry to expand growth and solution creation beyond its four current businesses.
Co-founded by Ned Brody and Jim Manzi, Foundry.ai is an AI enterprise software studio that ideates, builds and scales AI enterprise SaaS businesses using an existing team of data scientists, software engineers and customer success consultants. The studio has created a defined methodology for Global 2000 organizations to identify and pursue immediate applications of AI methods that will drive measurable shareholder value gains. This methodology allows Foundry to bring its existing platform and applications to bear immediately for clients. If a client has significant opportunities where Foundry hasn’t already developed a solution, Foundry can bring its existing code base, team of developers and data scientists, and its own capital to develop a new solution.
Using this methodology, Foundry has launched four businesses to date:
– Vizual.ai, which provides image optimization to web publishers and e-commerce businesses;
– Supplier.ai, which allows enterprises to improve procurement economics through improved vendor selection, pricing and risk management;
– HUD.ai, which enables go-to-market professionals to sell large enterprise solutions to improve the quality and quantity of personalized, high-impact outreach; and
– Curia.ai, which provides advanced decision optimization tools to healthcare provider networks.
Foundry.ai intends to develop an ongoing stream of AI SaaS businesses that build from and extend its core AI technology platform.