Frankfurt-based Scavenger AI, a data analytics & AI startup, announced on Thursday that it has secured a total of €1.1M in a pre-seed funding round in Q1 2024 led by High-Tech Gründerfonds (HTGF) together with Calm/Storm Ventures, Femventix, and the B4i Fund.
The company plans to use the funds to expand its team, develop the necessary technological infrastructure, and launch the software on the market to meet customer requirements.
Maximilian Hahnenkamp, and Felix Beissel, founders of Scavenger AI say, “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.”
Why Scavenger AI?
Maximilian Hahnenkamp and Felix Beissel founded Scavenger AI after encountering a common problem — an overwhelming volume of data with insufficient resources and time to extract meaningful insights.
Companies generate lots of data but lack the resources to analyze it, making decision-making difficult.
After experiencing how much money and time was spent to solve simple statistical questions,
they focused on the need for innovation to align with the contemporary technological landscape.
Scavenger AI has developed three proprietary AI tools to quickly solve companies’ data problems.
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 presented in the form of a dashboard.
The investor
High-Tech Gründerfonds (HTGF) finances tech startups with growth potential and has supported more than 700 startups since 2005.
With the launch of its fourth fund, HTGF now has about €1.4B under management.
HTGF’s focus is on high-tech startups in digital tech, industrial tech, life sciences, chemistry, and related business areas. To date, external investors have injected about €5B of capital into the HTGF portfolio via more than 2,000 follow-on financing rounds.
Fund investors in this public-private partnership include the German Federal Ministry for Economic Affairs and Climate Action, KfW Capital, and 45 companies from a wide range of industries.
Kilian von Berlichingen, Senior Investment Manager at HTGF, says, “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.”
Read the orginal article: https://siliconcanals.com/news/startups/german-startup-scavenger-ai-secures-1-1m/
