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Machinify Lifts $10 Million To Assist Companies Utilize AI

Data is precious—if you know how to use it and leverage it rightly. That is where Machinify comes in picture. The AI (artificial intelligence) firm recently lifted a $10 Million Series A round spearheaded by Battery Ventures with involvement from Matrix and GV Partners.

“Our core idea is that today, businesses are gathering a ton of info,” claimed Prasanna Ganesan, CEO, and founder of Machinify, to the media in an interview. “But if you see at how many of them are victorious in turning it into cleverer decision-making to boost efficiency, a handful of firms are shining out.”

Using Machinify, enterprise clients enter raw data into the system, specify what they are attempting to optimize for—whether that be income or some other objective—and then the machine understands what to do from here onwards. On the basis of past decisions, the device can understand the correct thing to do, Ganesan claimed. A good instance of how firms employ Machinify is in the healthcare sector, where companies are employing the software to elevate the speed and accuracy with which they handle claims.

Speaking of AI, researchers have designed a new AI system that can decipher the human mind, and understand what an individual is looking at by analyzing scans of the brain. The development might help efforts to enhance AI (artificial intelligence) and result in new insights into the functionality of the brain. Significant to the study is a kind of algorithm dubbed as a convolutional neural network. This network has been involved in allowing smartphones and computers to recognize objects and faces.

“That kind of network has made a huge affect in recent years in the field of computer vision,” claimed an assistant professor in the U.S. at Purdue University, to the media in an interview. “Our method employs the neural network to recognize what you are looking at,” Liu claimed.

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