MachineVantage Brings In New Financing
Artificial intelligence startup MachineVantage announced the completion of a new round of financing. IRI and Unilever participated in the round.
MachineVantage, which is focused on consumer product and marketing innovations, applies proprietary artificial intelligence algorithms and machine learning techniques to extract product innovations, brand semiotics, creative inspirations, and digital and retail point-of-sale messaging. The company works with major multinational clients in North America and in individual markets in Europe, the Asia Pacific region, Latin America, and the Middle East.
“It is crucial to understand consumer trends and preferences and to determine how our brands can best respond to people’s evolving needs,” said Stan Sthanunathan, executive vice president of consumer and market insights at Unilever. “We are already using artificial intelligence and machine learning to gain insights that our product development and marketing teams can translate quickly and effectively into innovations. A year of working with MachineVantage convinced us of the unique power of their technology and the value of our investment.”
In its announcement, the company said it will use the proceeds to fund its growth initiatives.