AI-as-a-service startup Jaid has raised £3 million in seed funding.
Jaid’s solutions automate a variety of use cases, including client service automation, sales automation, payment exception processing, and claims administration processing.
It says its technology helps businesses reduce costs, improve efficiency and make data-driven decisions.
Jaid’s focus to date has been on the financial services industry with a strong roster of clients including ClearBank, Syndio, Calastone and Legal & General.
Sure Valley Ventures led the round which will expand its machine learning team, build out business development efforts across America and Europe and expand into Asia. Jaid has bases in London and New York.
It is the second investment from Sure Valley Ventures’ £95m UK Software Fund, which included a cornerstone £50m investment from the British Business Bank through its Enterprise Capital Funds programme.
Dan Kramer, CEO, Jaid, said: “We are honoured to have the support of Sure Valley Ventures with their deep experience in the market as we continue to grow and scale our business.
“This funding gives us the fuel to build on the great work we have done so far, and we are excited about the opportunities it will enable us to pursue.
“We are committed to delivering innovative solutions that help our clients harness the power of AI so their teams can focus on what matters most.”
Gareth Burchell, venture partner at Sure Valley Ventures, said: “At Sure Valley Ventures, we invest in software businesses that are resolving a real pain point for their customers and Jaid fits perfectly into our AI-focused portfolio.
“Led by a strong leadership team that is laser-focused on targeting specific customer problems using AI and ML, we have every confidence that Jaid will scale rapidly as it moves into new verticals and new geographies.
“In the current economic climate, driving efficiencies in processes, cutting costs through embracing technology and enabling scalability using AI will become a key focus for business leaders around the globe.”