April 20th 2024.
Benjamin Harvey, the CEO of AI Squared, has taken a unique and innovative approach to securing funding for his startup. Utilizing the power of LinkedIn, he was able to connect with potential investors and raise an impressive $13.8 million in Series A funding, as reported by Forbes. According to Harvey, his company acts as a "washing machine for AI," and it was his direct outreach to Roger Ferguson, the former CEO of TIAA, through LinkedIn in February 2022 that set the stage for a fruitful partnership.
The Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, commonly known as TIAA, is a private provider of financial retirement services in various fields such as academia, research, medicine, culture, and government. This partnership with Ferguson and TIAA has been a significant milestone for AI Squared, and it all began with a breakfast meeting at the luxurious Four Seasons in Washington, D.C.
In an interview with Forbes, Harvey revealed his relentless determination to turn his vision into a reality. This drive and determination have resulted in the successful Series A raise, which was closed in March. The venture firm Ansa Capital led the funding round, with additional contributions from Baltimore-based New Enterprise Associates and Ferguson himself. Since its establishment in 2019, AI Squared has raised a total of $20 million from investors.
Although the company has yet to turn a profit, Harvey predicts that AI Squared will generate more than $10 million in revenue by 2024. This is made possible through product licensing and data usage fees, with clients ranging from the U.S. Air Force and U.S. Navy to the National Security Agency and even a Coca-Cola contractor in Florida.
Harvey firmly believes that AI Squared fills a crucial gap in the market, providing organizations with the means to fully utilize their AI models and machine learning investments. This belief is shared by Greg Papadopoulos, a member of the National Education Association, the largest labor union in the United States. Papadopoulos highlights the democratizing potential of AI, empowering individuals with creative amplifiers.
In addressing the challenge of effectively deploying AI technology, Papadopoulos draws a parallel to washing clothes without folding them. To him, AI Squared is the solution - a comprehensive platform that not only cleans and organizes data but also optimizes it for actionable insights.
Harvey's journey from his childhood days of tinkering with computers to becoming the founder of AI Squared is a testament to his passion and determination. Drawing on his experience at the NSA and Databricks, he recognized the critical need for integrating AI insights into business applications, laying the groundwork for his entrepreneurial venture.
Now, armed with fresh capital and the support of influential backers like Ferguson, AI Squared is poised for expansion in the rapidly growing AI-as-a-service market. Reflecting on his journey, Harvey emphasizes the importance of seizing opportunities, even if they come through unconventional channels like LinkedIn.
"We've cultivated a strong relationship through a simple LinkedIn message," Harvey notes, underscoring the transformative potential of digital networking in today's business landscape. This success story serves as a reminder to entrepreneurs to always keep an open mind and be willing to take unconventional paths towards achieving their goals.
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