The German data analytics and AI startup Scavenger AI announced it secured a pre-seed financing in Q1 2024. A total of € 1.1 million was raised under the lead of HTGF together with Calm/Storm Ventures, Femventix, and the B4i Fund to enable companies to perform complex data analyses in just a few seconds.
Founded in 2023, Scavenger AI develops three proprietary AI tools, linked in a workflow, which allow companies to make the best possible decision under any circumstances based on their data. The software cleanses the data, automatically analyses it statistically based on the user’s questions and presents the analysis in simple language. Finally, all mathematical results are enriched with industry data and presented in the form of a dashboard.
Companies are generating more and more data, but there is a lack of time and, above all, resources to convert this data into recommendations for action. This makes it even more complex for companies to make decisions when they lack the necessary information. That is why Scavenger AI developed three proprietary AI tools that are linked together in a workflow to solve companies’ problems in just a few seconds.
Maximilian Hahnenkamp, Felix Beissel, founders of Scavenger AI, said: “We are particularly pleased to have such renowned investors on board who support us in our mission to show companies the best possible decision under any circumstances based on their data.”
The startup was previously backed by Cataligent and is using the new funding to expand its team and develop the technological infrastructure to meet current customer requirements and launch the software on the market.
Kilian von Berlichingen, Senior Investment Manager at HTGF, commented: “AI is making businesses more efficient, and Scavenger AI is on the right track to revolutionise how companies can get unbiased insights from their data. I was especially convinced by the technical solution behind it, which already creates great value add for their customer base.”
Carina Roth, Investment Manager at Calm/Storm, added: “We have invested first and foremost in a strong, young and ambitious team, led by Maximilian and Felix, who know what it takes to win! With Scavenger AI, they are on a mission to revolutionise the way companies think and act. The AI technology they have developed will make it easier for companies to solve daily business challenges faster and easier and to develop action-oriented and data-driven insights more efficiently.”
Read the orginal article: https://www.eu-startups.com/2024/04/berlin-based-scavenger-ai-raises-e1-1-million-pre-seed-to-help-companies-get-better-at-data-driven-decision-making/
