Daisy Intelligence Corp, a Vaughan, Ontario-based artificial intelligence (AI) software-as-a-service platform, has raised $5 million in funding from Espresso Capital, a Canadian provider of technology debt financing.
The deal was a result of Daisy taking first place at ElevateR Pitch, a competition held this week for Canadian companies in an AI or related sector.
Founded in 2003 by CEO Gary Saarenvirta, Daisy analyzes transaction and operational data to make automated operational decision recommendations for improving businesses.
It will use the funds raised for talent acquisition and marketing and to support growth in key industries.
Daisy Intelligence Secures $5 Million Funding From Espresso Capital
TORONTO, Sept. 27, 2018 /PRNewswire-PRWeb/ — Daisy Intelligence Corporation, an artificial intelligence software-as-a-service platform, captured first place at the ElevateR Pitch: AI Edition event held in Toronto on Tuesday.
The pitch competition was open to Canadian corporations working in AI or an adjacent industry with less than $10 million in revenue or funding. Selected from an overwhelming volume of submissions, 16 finalists pitched onstage to a panel of investors, celebrities, and media personalities for an opportunity to win $1,000,000 in funding from Espresso Capital.
The stakes were raised considerably when it was announced that instead of the $1,000,000 funding, the winner would be receiving a $5 million investment from Espresso Capital. The winner of the funding was Daisy Intelligence.
“This event was a fantastic experience and a stellar showcase of Canada’s technology startup community, and as a Toronto-based A.I. startup, it’s thrilling to be recognized as one of Canada’s most promising A.I. companies,” said Gary Saarenvirta, CEO of Daisy Intelligence. “We look forward to putting the investment to work in achieving Daisy’s vision, which is to use math and science to better people’s lives and help companies make better business decisions.”
The funding will support talent acquisition and marketing efforts and fuel Daisy Intelligence’s already strong growth in the very active grocery segment and expansion into the wider retail category, as well as supporting the company’s footprint in the insurance industry.
“The Daisy team are leveraging AI to provide truly unique and disruptive solutions, and their strong momentum demonstrates the tremendous and highly measurable value they are delivering to their customers,” said Espresso Capital Managing Director Will Hutchins. “This round of funding is designed to enable the company to further accelerate revenue, build scale and increase enterprise value – without dilution. We are excited to be supporting the team at Daisy and look forward to this next chapter in the company’s growth.”
ElevateR Pitch is created by Publicis.Sapient, the digital business transformation hub of Publicis Groupe with community partner NextAI, a Toronto-based accelerator for early or idea stage AI-enabled startups.
Daisy Intelligence was recently awarded “Best AI Start-Up” at the 2018 AIconics awards, and earlier this year the company was one of three vendors designated “Cool Vendors in AI for Retail” by Gartner, Inc.
About Daisy Intelligence
Daisy Intelligence is an artificial intelligence software-as-a-service company that analyzes very large quantities of client’s transaction and operational data in order to make automated operational decision recommendations which clients can immediately action to improve their business. Using proprietary mathematical solutions and the Daisy AI-based simulation platform, Daisy Intelligence analyses 100% of the tradeoffs inherent in any complex business question and provides timely, specific recommendations to help clients grow total sales, improve margins, reduce fraud and delight customers. https://www.daisyintelligence.com
About Espresso Capital
Since 2009, Espresso Capital has provided over 230 early and growth stage technology companies with founder friendly capital. The company offers lines of credit and term loans to enable entrepreneurs to grow their businesses without dilution, board seats, or personal guarantees. Espresso’s mission is to keep founders in control with fast, fair, and flexible capital. https://www.espressocapital.com.
Elevate is a city-wide technology and innovation festival that takes place in Toronto, Canada. Its annual event brings together global tech leaders, investors, government officials and international media to raise the profile of the Canadian innovation ecosystem. Through a mix of inspirational speakers, experiential programming, and social networking opportunities, Elevate operates as a platform for the community at large to disrupt together, celebrate diversity and inclusiveness, and proudly showcase the best of Canadian innovation. Elevate is a not-for-profit organization founded in 2017. To learn more, visit https://www.elevatetechfest.com.