Aussie tech startup TrueState raises $1.5 million to help businesses build their own AI apps in days
Australian tech startup TrueState launches today with AUD $1.5 million backing from Airtree, Side Stage Ventures, Galileo Ventures and Imprint Capital Partners to empower businesses to build reliable high-impact Artificial Intelligence (AI) applications in just days versus the typical 6-12 months required.
Founded by ex-McKinsey QuantumBlack consultant Will Ashford (pictured), 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.
“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,” said Ashford.
“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.”
TrueState’s platform combines the foundation of best-in-class AI technology that enterprise use-cases need with a simple interface so that anybody within an organisation — including non-technical teams — can build and configure their own AI use cases. The platform’s library of pre-built, customisable AI solutions are supported by secure AI model training and storage to ensure complete enterprise-grade data privacy and security.
Direct-to-consumer businesses using TrueState for example, can create custom AI apps that recommend actions to up-sell existing customers while manufacturers can use TrueState to forecast supply and demand, optimising inventory and cash flow. Other use cases include sales team recommendations, investment operations, pricing recommendations, customer support, recruitment, staff retention, workplace safety, and relationship management.
James Cameron, Partner at Airtree, which led the latest round of funding, commented: “It’s the start of an exciting journey for Will and the TrueState team as they build their first product at a time when the market is crying out for help. The excitement from the AI hype train is quickly being replaced by frustration as corporations struggle to deploy new AI technologies safely and reliably without an army of consultants. But AI can also help solve this problem, as it will increasingly be used to automate the role of expensive consultants. This is where TrueState comes in with its first product: an integrated library of AI components that can automate the work of building AI solutions that would take consultants 6-12 months to do. From his experience at Quantum Black, Will intimately knows the organisational challenges of deploying AI in large enterprises, giving him a unique lens and edge in this busy space.”
Ben Grabiner, General Partner at Side Stage Ventures also commented, “Despite the hype, there is still a significant gap between the potential productivity gains for enterprises from AI and the actual gains that have been realised. Will has spent several years working on this challenge at McKinsey and now we’re excited to back him as he builds TrueState — a new breed of AI platform enabling enterprises to iterate and execute on AI solutions fast, leverage multiple models and deliver integrated solutions that create real cost and productivity efficiencies.”
The latest funding round will help TrueState continue to build out its technology platform, grow its team and expand to the US and UK later this year.
