TrueState raises $1.5m towards AI app template platform

TrueState raises $1.5m towards AI app template platform

TrueState founder Will Ashford.

Sydney-headquartered artificial intelligence (AI) app template startup TrueState has raised $1.5 million to build out its technology platform and expand into the US and UK markets later this year, with backing from Airtree, Side Stage Ventures, Galileo Ventures and Imprint Capital Partners.

TrueState is designed so that even non-technical teams can operate a simple interface for building and configuring AI use cases within days.

Founded by ex-McKinsey QuantumBlack consultant Will Ashford, TrueState's templates can be integrated with customers' operational data to support use cases like predicting machinery failure or recommending next-best-actions to prevent customer churn.

"Every industry is being reshaped by AI. Winners are defined by their ability to harness the right AI tools to deliver real commercial value before their competitors," Ashford explains.

"But right now, we’re seeing most businesses in one of two scenarios. They are either investing in a huge tangle of third-party AI toys that are more hype than impact, or they are taking months or even years to build their own AI tools, often relying on costly external consultancy firms.

"The reason for these delays is because companies get caught up building the necessary supporting software to support their dream use cases. It’s like they wanted to conduct some financial analysis but were forced to build their own Microsoft Excel along the way."

The company claims the platform includes a library of pre-built, customisable AI solutions supported by secure AI model training and storage to ensure complete enterprise-grade data privacy and security.

Direct-to-consumer businesses using TrueState for example, can create custom AI apps that recommend actions to up-sell existing customers, while manufacturers can use TrueState to forecast supply and demand, optimising inventory and cash flow.

Other use cases include sales team recommendations, investment operations, pricing recommendations, customer support, recruitment, staff retention, workplace safety, and relationship management.

"It's the start of an exciting journey for Will and the TrueState team as they build their first product at a time when the market is crying out for help," says James Cameron, partner at AirTree which led the funding round.

"The excitement from the AI hype train is quickly being replaced by frustration as corporations struggle to deploy new AI technologies safely and reliably without an army of consultants.

"But AI can also help solve this problem, as it will increasingly be used to automate the role of expensive consultants."

Cameron says TrueState's integrated library of AI components can automate the work of building AI solutions that would take consultants 6-12 months to do.

"From his experience at Quantum Black, Will intimately knows the organisational challenges of deploying AI in large enterprises, giving him a unique lens and edge in this busy space," he says.

Side Stage Ventures general partner Ben Grabiner says that despite the hype, there is still a significant gap between the potential productivity gains for enterprises from AI and the actual gains that have been realised.

"Will has spent several years working on this challenge at McKinsey and now we're excited to back him as he builds TrueState — a new breed of AI platform enabling enterprises to iterate and execute on AI solutions fast, leverage multiple models and deliver integrated solutions that create real cost and productivity efficiencies," he says. 

Enjoyed this article?

Don't miss out on the knowledge and insights to be gained from our daily news and features.

Subscribe today to unlock unlimited access to in-depth business coverage, expert analysis, and exclusive content across all devices.

Support independent journalism and stay informed with stories that matter to you.

Subscribe now and get 50% off your first year!

Four time-saving tips for automating your investment portfolio
Partner Content
In today's fast-paced investment landscape, time is a valuable commodity. Fortunately, w...

Related Stories

Accolade Wines owner buys French giant Pernod Ricard’s global wine assets

Accolade Wines owner buys French giant Pernod Ricard’s global wine assets

Australian Wine Holdco, a consortium that owns the country’s ...

Aussie boxing franchise UBX to enter United Arab Emirates

Aussie boxing franchise UBX to enter United Arab Emirates

Brisbane-based boxing franchise UBX has announced its eighth intern...

Zip Co raising up to $267 million to pay down debt

Zip Co raising up to $267 million to pay down debt

With shares in buy-now pay-later giant Zip Co (ASX: ZIP) now tradin...

Telstra fined $1.55m by ACMA for failings in thwarting SIM-swap scams

Telstra fined $1.55m by ACMA for failings in thwarting SIM-swap scams

A failure by Telstra to implement customer ID authentication proces...