Sydney-based decision intelligence start-up SourseAI has secured $3 million in Series A funding from Centrestone Capital, bringing its total capital raise to $5 million.
The firm's AI-driven decision intelligence platform Atlas helps telcos analyse customer data to make business predictions and maximise KPIs.
SourseAI said that the platform is used by three quarters of Australian telcos including Lebara, Kogan Mobile, Superloop, Mate and AGL (Southern Phone) mobile.
The funds will go towards doubling the size of SourseAI's local research and development team as well as expanding its European presence, having launched a UK office in late 2022.
“A lot of telcos are overwhelmed. They know they need to focus on the consumer and they are sitting on mountains of data they could use to make decisions, but many don’t know how to best make sense of it," said SourseAI's co-founder and CEO Tanya Hyams-Young.
"They also know they need to use AI, but they struggle with where to start. Many make the costly and time-consuming mistake of trying to build their own AI-team in house – which can take years to bear fruit."
“SourseAI was designed specifically for the telco sector to help them filter and analyse data and model decisions to see how they will perform in the real world and ultimately scale decisions. It’s a no-code SaaS solution that delivers massive benefits in just 90 days.”
The latest funding round was led by former Deloitte managing directors and Centerstone Capital co-founders John Meacock and Luc Maasdorp, with the latter to join SourseAI's board.
“SourseAI’s laser focus on the telco sector is a real strength in an investment market full of hype and noise about AI," Maasdorp said.
"We have great confidence in SourseAI’s team of industry experts and world-class data scientists. We look forward to working with SourseAI on its growth journey."
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