Data Science Wizards (DSW), a pioneering AI innovation business, has raised $1.4 million in early funding.
Building on a $450,000 pre-seed round, DSW’s current seed fundraising of $1.4 million from an angel investor brings its worth to $16.4 million. The funds will be utilised to further develop and improve UnifyAI, their deep-tech AI platform, as well as to strengthen the team itself. As part of this, DSW is releasing ‘insurAInce,’ a solution designed exclusively for the insurance industry that will use UnifyAI to achieve advanced, AI-driven change.
UnifyAI, DSW’s deep-tech AI platform, is the driving force behind insurAInce, a solution designed exclusively for the insurance industry. insurAInce takes advantage of UnifyAI’s tremendous capabilities, providing pre-learned models and specialised tools to meet the insurance industry’s particular concerns, including risk management, operational efficiency, and innovation. This additional money will be used to strengthen both UnifyAI and the insurance solution, ensuring scalability and adaptability for enterprise-level AI deployment. In the next months, DSW will also launch domain-specific solutions based on UnifyAI for banking, telecom, retail, and manufacturing, revolutionising how sectors use AI to transition from testing to full-scale production.
“UnifyAI is a game-changer for enterprises looking to fast-track AI adoption,” said Sandeep Khuperkar, CEO and Founder, Data Science Wizards. “Our platform takes AI/ML and GenAI use cases from concept to production with confidence, predictability, and scale. Businesses are experiencing up to 60% reductions in development costs and 60-80% faster production timelines, transforming months of effort into just 3-4 weeks.”
UnifyAI is ISO 27001 certified and SOC II Type 2 compliant, demonstrating its dedication to security and regulatory compliance. It is also projected to become HIPAA compliant by October 2024. These stringent requirements ensure that both UnifyAI and insurAInce are prepared to handle the most sensitive data in highly regulated businesses such as insurance.
UnifyAI has garnered remarkable support from industry heavyweights such as Canara HSBC Life Insurance, Manipal Cigna, and Castler, all of which have generated significant outcomes by integrating UnifyAI’s solutions into their operations.
“UnifyAI has truly transformed the GTM at Canara HSBC Life Insurance with respect to creation and deployment of analytical models. With DSW building insurance-specific solutions on top of this robust AI platform, we’ve been able to move use cases into production quickly and with built-in CI/CD capabilities we are able to maintain efficiency and adaptability in our operations,” said Mr. Ritesh Rathod – Chief Strategy and Data Officer, Canara HSBC Life Insurance.
Designed exclusively for insurers, the insurAInce solution allows for the rapid introduction of AI and GenAI use cases in critical areas such as claims processing, risk assessment, fraud detection, and customer engagement in as little as a few weeks. Its seamless interface with existing legacy systems allows insurers to implement AI without disturbing current operations, and built-in compliance and regulatory capabilities match the industry’s high standards.
DSW hopes that the insurAInce solution would help it strengthen its position as a pioneer in AI-powered insurance solutions.
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
