Wellington-based Arcanum AI has raised a new investment round led by WNT Ventures Fund 2.
In early 2019, WNT Ventures invested into Farrago AI, alongside former Greenbutton Founder Scott Houston. Farrago AI was a data cleaning and preparation platform company founded by entrepreneur Asa Cox.
WNT's recent investment was made following a merger between Farrago AI and Arcanum AI (formerly Intela AI). Scott Houston is still invested and currently serving as Arcanum’s CTO.
Arcanum AI is focused on building machine learning models that support business outcomes. The company uses it’s already developed platforms, pre-built pipelines and pre-trained models to build new AI solutions, instead of starting from scratch.
With Farrago now in the fold, the user-friendly interface for automated data analysis and data preparation will give non-technical users the ability to utilise machine learning and predictive analytics.
Arcanum's Customer Invests
Arcanum AI’s customer, enterprise messaging provider Modica Group, have invested in the oversubscribed round, alongside other local New Zealand investors such as Ice Angels and AmpliPHI Ventures - an Auckland-based private equity and venture investment firm.
Modica Group’s cloud based Enterprise Messaging platform provides businesses with high availability, mission critical messaging products and APIs to engage, market and transact globally via mobile.
Their robust platform is enhanced with insights, includes detailed reporting and 24/7 expert support and advice. They make it easy to connect to customers, staff and partners anywhere in the world.
The oversubscribed round raised over $750,000 for the company. The funds will be used to continue to develop Arcanum AI’s proprietary model management product and support growth of it’s national enterprise partner network.