BeyondMinds, a Tel Aviv, Israel-based artificial intelligence startup developing an adaptable AI solution, raised $15m in funding.
The round was co-led by Israeli venture capital fund Grove Ventures and private investor Marius Nacht.
The company intends to use the funds for the global expansion and the ongoing development of its innovative AI solution, and strengthen its management team with prominent executives.
Led by Rotem Alaluf, CEO, BeyondMinds is accelerating the wide-scale adoption of AI by enabling companies to use AI to proceed “beyond” theoretical proof-of-concept exercises to resilient deployments.
The company, which already boasts a customer base including Microsoft, Samsung, KPMG, and numerous defense companies and financial institutions, will offer its “AI as a Service” solution to assist more Fortune 1000 companies in the development, launch, and ongoing maintenance of their AI infrastructure.
Its AI platform is constructed on a universal, modular technology stack that enables customization of specific AI applications including defect detection and predictive maintenance in manufacturing, fraud detection, insurance claim automation, risk assessment, underwriting in the financial services industry and numerous additional use cases where AI is traditionally applied to solve core business problems.
Alaluf, a deep learning specialist and graduate of Israel’s respected Technion, the Israel Institute of Technology, co-founded the company in 2018 with a seed investment from Prof. Ehud Weinstein and Dr. Ofir Shalvi who are responsible for some of Israel’s most impressive exits including acquisitions by Apple and Texas Instruments.
As part of the expansion, BeyondMinds plans to invest efforts in supporting broad-scale adoption of AI in the US market with the help of its new executive team, including:
- Chief Revenue Officer Ted Ranft, who is based in New York, will lead the worldwide sales expansion. He is a 25-year veteran of technology and software sales who has previously scaled businesses from $1.5M to $1.2B in annual sales including Unqork, AviNetworks, ServiceMax and VMware.
- Perry Fetterman, also based in New York, is the Regional VP, Americas. He was previously the general manager of Americas of Kaltura, a leading open source video platform, and director of sales and customer success, America, at Evernote, a maker of team-building apps.
- Chief Marketing Officer Sharon Reisner, based in Tel Aviv, has led marketing at a range of Israeli startups, including Tremor Video, a global leader in advertising technologies, and Conduit, the cloud-based technology provider that became Israel’s first billion-dollar internet company.
Founded in 2018, the company has offices in Tel Aviv, New York and London.