Sydney-based decision intelligence startup SourseAI has raised $3 million in Series A as it looks to expand in Europe.
The round was led by enterprise technology investors Centerstone Capital, with cofounder Luc Maasdorp joining the SourseAI board.
The startup, which now raised $5 million in total, has honed its focus since raising $1.5 million to help bosses make fewer calls based on their gut feeling.
Back then, Southern Cross Austereo (Triple M and Hits FM) was a key backer of the AI-based analytics startup, using Sourse to reveal audience behavioural insights amid ambitions to help C-suites make better decisions is the media, telco and utilities sectors.
Sourse is now helping telcos as a no-code AI solution to scrutinise mountains of data and create actionable business predictions at scale.
It’s now being used by several leading Australian telcos including Lebara, Kogan Mobile, Superloop, Mate and AGL (Southern Phone) mobile, giving them certainty by accurately modelling the outcomes of business decisions.
SourseAI CEO and cofounder Tanya Hyams-Young said the capital will see them focus on their global ambitions, initially in Europe, after launching in the UK late last year and landing their first British customer. They plan to increase the headcount there and double the size of the Australian-based R&D team.
SourseAI launched its SaaS data science platform mid-2020, and Hyams-Young became CEO in mid 2020, also counting Superloop and AGL among its entertainment, media, telecommunications and energy customers.
It enables executives to refine and improve strategic decision-making including product pricing, marketing spend optimisation, churn management and cross sell or upsell offers.
Tanya Hyams-Young said telcos are overwhelmed by the data they hold and how to use it, with Sourse able to deliver clear benefits in 90 days.
“They know they need to focus on the consumer and they are sitting on mountains of data they could use to make decisions, but many don’t know how to best make sense of it,” she said.
“They also know they need to use AI, but they struggle with where to start. Many make the costly and time-consuming mistake of trying to build their own AI-team in house – which can take years to bear fruit. SourseAI was designed specifically for the telco sector to help them filter and analyse data and model decisions to see how they will perform in the real world and ultimately scale decisions.”
Centerstone Capital’s Luc Maasdorp described Sourse’s focus on the telco sector is “a real strength in an investment market full of hype and noise” about AI.
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