Chooch.ai just conducted their Series A round. The round was led by many firms and partners and raised a total of $25.8 million. As per the company, Vickers Venture Partners, Alumni Venture groups, Streamlined ventures, and many others took part. The idea of the startup is to help companies identify stuff and tag them as fast as possible using their AI algorithms.
More about Chooch.ai
Chooch.ai uses AI algorithms to deliver or bring fast results of the visual data it is registering. The co-founder of the company says that their plan is to copy human intelligence into a machine. And it seems they are on the right path. He also said their AI model could process visual data from any spectrum and in turn, make an AI model of it in just a few hours.
The company was founded in 2015 by Emrah Gultekin and Hakan Gultekin. And since then the company has progressed and raised fundings several times. Since the startup is not focusing on one specific application, their services have a broader usage scenario. Their AI services have been used in a variety of industries and Scenarios like healthcare, security, industrial, media and more. It was also used for mask detection and social distancing detection during COVID times.
The problems the company is facing
Even though the AI startup just bagged a $25.8 Mn in a Series A round, the company is still very small. They have 22 employees at the moment spread across some countries. The key idea of the employees from diverse locations is to be spread over a wide geographical region. And as the no of employees increases, focus on that even more.
Talking about another issue that the company has faced and has tried to work on was discrimination. The co-founder of the company said one of their senior members is a person of colour (we all know what that means) and they are all immigrants which doesn’t make anything easy for them at all. This is the reason why they are diversifying their employees and make it a policy or value part of the startup.
At present, the company is working with 18 clients. The startup plans to use the money they earn from that to work on increasing the no of employees, add capable engineers and more. Their goal is to change the thought or conception of what AI is. Because at present it is dumb and they wouldn’t want it to continue the same way.
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Really great post. This answered the majority of my questions. When I read this I actually opened up a word document and started taking notes haha.
Whao! glad that it was of help.