Sydney-based start-up SourseAI has secured $3 million in Series A funding to expand its innovative AI platform for the telecommunication industry. The funding round was led by Centerstone Capital, an investment firm co-founded by former Deloitte MDs John Meacock and Luc Maasdorp. This latest round of financing has raised the company's total capital to $5 million.
SourseAI's decision intelligence platform enables telcos to aggregate and analyse a plethora of data, such as customer history, sentiment, and NPS, and apply AI to model decisions when acquiring and attempting to retain customers. The platform is currently used by three quarters of Australian telecoms and is poised for a global expansion, with an initial focus on Europe.
Luc Maasdorp, Co-founder of Centerstone Capital, will join the SourseAI board to provide guidance and expertise during this pivotal period. He commended SourseAI's dedication to the telco sector, stating, "SourseAI's laser focus on the telco sector is a real strength in an investment market full of hype and noise about AI. We have great confidence in SourseAI’s team of industry experts and world-class data scientists.”
Tanya Hyams-Young, CEO and co-founder of SourseAI, expressed optimism about the partnership with Centerstone, asserting, "Centerstone's expertise in spotting and developing SaaS platforms to transform domains and sectors of service in the enterprise market, coupled with their ability to assist in developing partnerships with professional services, gives us tremendous confidence to grow and become the gold-standard AI platform for decision intelligence."
The company has already seen success in the UK and was part of Vodafone's Tomorrow Street tech incubator in Luxembourg. In an effort to bolster its global growth, SourseAI will increase its UK team's size and double its Australian-based R&D team. Furthermore, the decision intelligence startup also anticipates announcing a second foundational customer in November.
SourseAI's decision intelligence platform has brought clarity and confidence to telecoms. For instance, Mark Fazio, Co-CEO at telecom firm Mate, praised SourseAI's collaboration, noting, "Using the platform, we've managed to achieve a 6% reduction in our churn rate year on year, delivering millions of dollars to the bottom line, and it saved us the major hassle and cost of having to recruit a team and build an AI capacity in-house."
The decision intelligence platform is particularly pertinent for telecoms struggling with large volumes of data and AI application. SourseAI provides a no-code SaaS solution that delivers massive benefits in just 90 days, which avoids the costly and time-consuming mistake of trying to build their own AI-team in house. With this latest funding round and strategic guidance from Centerstone Capital, SourseAI is on track to becoming a leading AI platform for telecoms globally.