Jaid, a technology company based in London that offers solutions for human communication powered by AI, has raised £3 million in a seed round headed by Sure Valley Ventures. A VC company with its headquarters in London, Sure Valley Ventures finances the early stages of software startups in the UK and Ireland.
With its expansion into the United States, Europe, and now Asia, Jaid hopes to increase its product offerings and market reach with this investment. This was the second investment made by the corporation from its £95 million UK software fund.
In 2019, Dan Kramer founded Jaid, an automation platform powered by Al that collects crucial data from all business and customer conversations over all channels. It organizes and analyses data to yield useful insights, then integrates it with current workflows and systems. London and New York each host offices for the business.
The company’s AI-as-a-Service technologies can be used by businesses to automate many different use cases. Jaid plans to expand its machine learning team and launch business development projects in North America, Europe, and Asia with the new funding.
ClearBank, Syndio, Calastone, and Legal & General are a few of Jaid’s major clients. Jaid has so far focused on the financial services industry. However, this investment will make it possible to investigate other industries, such as healthcare, which has a total addressable market worth an estimated £15 billion.
Jaid’s AIaaS use cases include automation of customer care, sales automation, payment exception processing, and claims administration. The startup claims that its technology helps organizations cut costs, increase productivity, and make data-driven decisions, even though the robovoice might not (for the time being) provide you with the quickest or most correct response to your query.
“We are thrilled to have the backing of Sure Valley Ventures with their extensive market expertise as we continue to expand and scale our business,” stated Dan Kramer, CEO of Jaid. We are thrilled about the opportunities it will allow us to pursue and grateful for the cash that will allow us to continue the excellent job we have already accomplished. We are dedicated to providing our clients with cutting-edge solutions that enable them to leverage the potential of AI so their employees can concentrate on what matters most.
“At Sure Valley Ventures, we invest in software startups that are fixing a real pain issue for their consumers, and Jaid fits nicely into our AI-focused portfolio,” stated Gareth Burchell, Venture Partner.
Gareth further added, “We are confident that Jaid will scale quickly as it enters new industries and regions thanks to a solid leadership team that is laser-focused on applying AI and ML to solve specific client challenges. Driving process efficiency, reducing costs by embracing technology, and allowing scalability via AI will become a significant emphasis for corporate executives worldwide in the present economic context.”