The founding team of successful content analytics platform Parse.ly has secured $6.4 million in seed funding for new AI startup Elvex on Wednesday. The financing round was led by MXV Capital and FCVC, with participation from Remarkable Ventures, Industry Ventures, Accelerator Ventures and other angel investors.
Founded in 2023, Elvex joins the race of AI adoption in enterprise workflows by offering features like reducing complexity, mitigating risk, and future-proofing investments. The AI startup’s mission is to accelerate AI adoption for entire organizations, empowering employees to be both “experts and generalists at the same time.”
“Executives and managers can drive their AI strategy with purpose—and all business users can fundamentally change how they approach solving both critical and everyday tasks,” CEO and co-founder Sachin Kamdar wrote in a Linkedin post announcing the latest fundraise.
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The AI startup runs on a subscription model, providing annual plans for enterprises and charging on the basis of usage. Elvex plans to do for AI assistants what Parse.ly did for marketers and publishers.
“A lot of tech is focused on the developer, not the practitioner,” Kamdar told Axios. “It was gate-kept by analysts … and eventually became a bottleneck for the whole organization.”
Parse.ly, founded by Sachin Kamdar, Mike Sukmanowsky and John Levitt in 2008, was acquired by the makers of WordPress, Automattic, in 2021 and left the analytics platform to join hands again in 2023 to start Elvex.
Elvex is now on the way to hit the goal of powering more than 50% of enterprise AI applications like chatbots and other tools used internally through its AI management platform. Some of Elvex’s current customers include Movable Ink, The Boston Globe, Automattic, Embark and McClatchy.
The freshly raised capital will be used to expand the company’s product and engineering teams. The origin of Elvex went back to the simple reason that the founding team missed building and creating, and found a market gap in the “second order effects of generative AI.”
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“Unlike other recent hype cycles, large language models and generative AI represented real value that I could easily see shifting the tides of industry. There was a chance to build a generational company on the back of something that we haven’t seen since the mobile phone or the internet,” Kamdar wrote in a blog titled “Why Start a Company? (again)” in 2023.