While the rest of the tech sector suffers a funding decline, the artificial intelligence (AI) space continues to enjoy massive funding boosts as investors pour billions into generative AI startups following the success of ChatGPT.
In the second quarter alone, investment in generative AI startups soared to an unprecedented level, surpassing a record-breaking $14.1 billion in equity funding across 86 deals. Joining the tide of the funding wave is Virtualitics, an AI data exploration startup that offers readily available AI capabilities to make advanced analytics possible for more people and organizations.
Today, Virtualitics announced it has raised $37 million in Series C funding led by Smith Point Capital, with participation from Citi and advisory clients of The Hillman Company, among others.
Virtualitics will use the fresh capital infusion to accelerate growth and innovation, propelling an even more extensive expansion, which includes strategic investments both directly and within its ecosystem. The company also said that it remains focused on reinforcing its leadership in the AI platform landscape by further enriching it with advanced machine learning and data analytics capabilities.
In addition, Virtualitics aims to introduce self-serve prescriptive workflows, simplifying the process for customers to delve into intricate data, gain insights, and drive transformative changes within their businesses.
Founded by CEO and co-founder Michael Amori, the Virtualitics AI Platform uncovers hidden patterns within intricate, multi-dimensional data. What makes Virtualitics’ AI platform unique is its ability to present these insights through captivating 3D visuals and immersive encounters, empowering individuals to make well-informed choices. The platform is used by both public and private sector entities, enabling them to extract genuine value from their entire data spectrum and fast-track their AI endeavors. Backed by over a decade of research at the California Institute of Technology, the company’s patented technology is a testament to its innovation and expertise.
“We knew we wanted a strategic relationship with our lead investor, not merely capital,” said Michael Amori, CEO and co-founder of Virtualitics. “Smith Point’s operational expertise in enterprise software has been – and will continue to be – invaluable as we accelerate growth and innovation. This additional funding and strategic guidance will enable Virtualitics to realize our vision to empower organizations to solve complex, mission-critical problems with artificial intelligence, data exploration, and prescriptive business workflows.”
Virtualitics currently stands at the forefront of a transformative shift, leaving an indelible mark on the landscape of artificial intelligence and data exploration. Central to this pioneering journey is their revolutionary innovation, Intelligent Exploration. By harnessing the power of sophisticated AI-driven analysis, Virtualitics empowers both data scientists and business users to navigate the intricate terrain of information, swiftly arriving at strategic decisions that propel their endeavors forward.
“The advanced AI and machine learning capabilities behind the Intelligent Exploration platform are completely revolutionizing the way organizations leverage their data,” said Keith Block, CEO and co-founder of Smith Point Capital. “Virtualitics enables deeper data access through an intuitive platform, opening up entirely new methods to explore complex datasets. Michael and his team are exactly the kind of visionary leaders building the type of businesses that our firm was set up to invest in and help scale. Virtualitics is on a rapid growth trajectory and Smith Point will accelerate their financial and market success with our operational expertise and rigor.”
Its Intelligent Exploration platform’s cutting-edge AI technology introduces a natural language interface for querying, making even the most intricate datasets accessible for exploration. This process unveils crucial insights and fosters the creation of multi-dimensional network graph visualizations, enhancing the depth of understanding. Furthermore, the platform’s patented VR/AR capabilities facilitate real-time collaboration, transcending geographical boundaries and uniting multiple users in an immersive environment. In essence, Virtualitics is reshaping the AI and data exploration sector with its groundbreaking Intelligent Exploration, sparking a new era of insight-driven progress.