Machine learning startup SourseAI has raised $1.5 million to help bosses make fewer calls based on their gut feeling.
The round was led by Aligned Equity and TV and radio company Southern Cross Austereo (SCA), making its second investment in an AI-based analytics startup after backing spoken word analysis venture Sonnant earlier this year.
The initial focus on helping C-suites make better decisions is the media, telco and utilities sectors, SourseAI CEO Matt Jones said.
The business also offers media companies the sort of algorithmic predictive feed capabilities YouTube, Facebook and Spotify have utilised so effectively in serving content to users to keep them engaged on the platforms.
The funds will be used to accelerate the development and scale of Sourse’s augmented intelligence platform, which applies industry specific machine learning models to the key decisions executives make daily.
“58% of executives that responded to a recent BI-SURVEY.com said they base more than half their decisions on gut,” Jones said.
“That’s an alarming figure when you consider the degree to which these decisions materially impact bottom and top-line results, and that’s why we built Sourse.”
SCA – best known for the Triple M and Hits FM radio brands – plans to use Sourse to reveal audience behavioural insights and listener mood states to create a hyper-personalised experience across its digital platforms
That includes LiSTNR, the rebranded PodcastOne audio channel and app, which Sonnant is also analysing to improve personalisation.
SCA head of digital and innovation Chris Johnson, said the company was leading the market with its investments in local deep technology partnerships.
“Our investment in SourseAI allows us to deliver a deeply personalised listening experience to consumers, based on consumption habits and context. It also enables us to gain a rich understanding of our audience’s behaviour, enabling us to continue to create market leading advertising solutions,” he said.
“The AI and Machine Learning space is scaling rapidly, and we believe that investing in the Australian entrepreneurial ecosystem to support of our digital audio ambitions is the best strategy. SourseAI is the right partner to deliver on our vision and our investment will provide significant long-term value to both parties.”
Sourse CEO Matt Jones
Jones said Sourse will boost the use of augmented intelligence in strategic decision making across the SCA teams.
“Sourse’s mission is to apply our patented machine learning algorithms to enhance the experience for SCA audiences using a whole range of data,” he said.
This includes understanding the tastes and behaviours of every single listener on SCA platforms. Then, using our advanced recommendations and personalisation algorithms, we can ensure the right content is surfaced in each individual listener’s feed at any time they engage in the app.”
Jones said machine learning models make it possible to drive the key media metrics of frequency of engagement and time spent.
“By personalising the experience with Sourse, SCA will dramatically improve these metrics, resulting in a more engaged audience, and delivering improvements across both advertising targeting and advertising yield. It’s better for the listener, better for SCA’s clients and ultimately better for SCA,” he said.
“In previous implementations of the Sourse recommender for an OTT media broadcaster, Sourse delivered growth of more than seven times the monthly audience engagement and extended average watch time per user per month from eight minutes to more than 45 minutes.”
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