Ikigai Labs, a groundbreaking company at the forefront of generative AI for tabular data, has announced a successful raise of $25 million in new capital, led by Premji Invest. Foundation Capital and e& capital also participated in the funding round.
This injection of capital is set to drive Ikigai Labs’ ambitious mission of revolutionizing the way enterprises harness the potential of AI. The company offers an integrated approach that empowers organizations to master AI through its user-friendly platform, the Ikigai Academy, and a suite of proprietary tools.
Modern enterprises are inundated with data residing in spreadsheets, databases, and cloud data stores. Yet, capitalizing on this tabular data poses significant challenges, from skill shortages to maintaining and mitigating risks.
Accurate forecasting and scenario-based planning necessitate drawing insights from diverse data sources across an organization. Ikigai Labs addresses these complexities by combining its state-of-the-art time series forecasting with its no-code AI platform, built on three foundational components: aiMatch for data reconciliation, aiCast for prediction, and aiPlan for scenario planning and optimization.
The addition of expert-in-the-loop (EiTL), a novel reinforcement learning element, further enhances the platform’s capabilities. Alongside its powerful platform, Ikigai Academy has already imparted training to over 6,000 students from 90+ countries, covering subjects like “No Code AI” and “Time Series Forecasting.”
Devavrat Shah, Co-founder and Co-CEO of Ikigai Labs and Andrew (1956) and Erna Viterbi Chair Professor of AI and Decisions at MIT, shared his insights: “Ikigai recognizes the challenges individuals encounter in harnessing their tabular data’s potential and the struggle of enterprises to capitalize on cutting-edge AI innovations.
With Ikigai, we see a distinct opportunity to empower the global workforce with the prowess of AI. We are excited to collaborate with Premji Invest, Foundation Capital, e& capital, and luminaries like Diane Greene, who are facilitating the transformation of Generative AI for tabular data into a potent tool for enterprises.”
Sandesh Patnam, Managing Partner at Premji Invest, stated: “Ikigai’s founding team possesses a unique blend of industry and go-to-market expertise that can propel AI into the heart of business operations and decision-making. Their innovation with expansive graphical models will find resonance with enterprises aiming to leverage generative AI for meaningful business insights.”
Ashu Garg, General Partner at Foundation Capital, emphasized Ikigai’s distinctive strengths: “Ikigai is led by industry experts who bring together a combination of enterprise acumen and profound AI research.
Their ability to address data engineering and modeling challenges for business users positions them uniquely to scale enterprises with AI. Ikigai’s prowess in tackling multiple time-series challenges – from missing data to accurate forecasting amidst continuous change – positions them as a top choice for enterprise clients. We are excited about Ikigai’s early adoption within enterprises and its potential impact across industries.”