Technology is growing in leaps and bounds. There is a constant need for developments that add convenience to our lives, and companies are answering the call, raising funds to contribute to innovative products and services.
Beyond Minds are Afresh are two companies that have reached their financial goals for March 2021. This article will outline their recent efforts and how the funding will be put to use.
AI is an integral part of tech. Research shows that business use of AI has increased by 270% in the last four years alone.
Beyond Minds offers a modular AI technology stack that is used in the development of enterprise products. The company provides innovative datasets and representations that are key in training computer vision, natural language, text to speech, and time series models scaled down to run in small computer environments.
The organization consults with companies to assess their AI needs to create and deploy suitable customized products. Then they continue to monitor and improve their products using live data and feedback to optimize their effectiveness in the given application.
Their efforts are not entirely new to the tech space. Similarities have been drawn to Data Robot’s AI platform. However, Beyond Minds takes it a step further by stabilizing machine learning solutions bringing trust, monitoring and feedback to an otherwise “dynamic and noisy” tech space.
The company serves a variety of industries including finance and government. They have worked with notable corporations, such as Samsung, KPMG, Microsoft and leading defense companies and financial institutions. Their product line includes fraud detection, defect detection, predictive maintenance, risk assessment, underwriting, and claim automation.
Beyond Minds has recently announced the completion of a $15 million funding round. The majority of the funds will be devoted to sales and R&D.
The Afresh company brings convenient technology to the agricultural space by introducing a fresh food optimization platform for grocers. It is aimed to improve freshness, sales, and profitability. Based on the latest research, the product has yielded a 25% decrease in food waste and a 2-4% revenue growth overall, with a 40% or more increase in the produce operating margin.
Additionally, employees who use Afresh find it to be a time saving tool and are now able to devote more hours to helping customers and merchandising fresh produce. The platform has been valuable during the pandemic, as it helped fresh departments adapt during unpredictable times.
The demand for fresh produce has increased over the past year, and Afresh has been boosting their resources to keep up. They have doubled in size from 2019 to 2020 and are expected to double again in 2021. Their expansion efforts are also set to support critical functions across supply chain, store operations, and merchandising for all fresh categories in the coming months.
The $13 million they have raised in funding will support their growth efforts. They also recently added grocery industry veteran James McCann, CEO of Food Retail Ventures, and former CEO of Ahold USA, to their board of directors.