CPE Media News (1/31/2019) – TELUS Corporation (TSX: T, NYSE: TU) has made an undisclosed amount of investment in Integrate.ai, an investee company of Georgian Partners and Portag3 Ventures.
New funding will be used to accelerate the development of the company’s ethical AI software platform. In addition, TELUS and Integrate.ai have signed a commercial deal to deploy AI to optimize TELUS’ customers’ experience. This multi-year deal spans the TELUS consumer customer base across multiple channels while following responsible AI principles.
Seed funded by Georgian Partners, Integrate.ai has raised close to US $40 million prior to the closing of TELUS investment. Most recently it secured US $30 million in series A led by Portag3. Integrate.ai investors also include Real Ventures.
photo credit: Integrate.ai
News Release
Integrate.ai secures new equity investment from TELUS Ventures
Deal to accelerate development of ethical AI-powered software platform; multi-year commercial deal will deploy solution to optimize TELUS’ customers’ experience
TORONTO, Jan. 31, 2019 /CNW/ — Integrate.ai announced today that it has secured an equity investment from TELUS Ventures to accelerate the development of the company’s ethical AI software platform. In addition, the two companies have signed a commercial deal to deploy AI to optimize TELUS’ customers’ experience. This multi-year deal spans the TELUS consumer customer base across multiple channels while following responsible AI principles.
One of the first Canadian enterprises to operationalize AI, TELUS first engaged integrate.ai in 2018 for its responsible and ethical approach, the sophistication of the AI platform, and a collaborative outcomes-oriented partnership.
“As an early adopter of responsible AI, TELUS is creating a sustainable and overall better experience for their customers in a responsible way. As AI runs on more systems and has access to more data, it must be used in a transparent, explainable and ethical manner so companies can be accountable to their customers,” said Steve Irvine, CEO, integrate.ai. “TELUS shares our vision and we’re excited to work with them to operationalize an approach that includes alignment for the benefit of the end consumer.”
The 2018 pilot focused on closing the gap between people and technology by enhancing customization of product offers, presenting them on the customer’s preferred channels and making the process more efficient for both team members and customers. The integrate.ai platform empowered TELUS to set the proper optimization and constraint boundaries for machine learning models to operate within. The results were measured in terms of business impact and reduced time to market, which led to a multi-year commitment.
“We’ve experienced firsthand the measurable impact that the integrate.ai platform has brought to our customers delivering what they want, at the time they want it, and in a way that delights them,” said Rich Osborn, Managing Director, TELUS Ventures. “Integrate.ai has a smart team backed by a strong syndicate of investors, which makes a great addition to our existing portfolio as TELUS builds on our AI leadership in Canada to further enhance our customers’ experience.”
Integrate.ai launched in 2017 and has become a key part of Canada’s vibrant AI ecosystem. The company currently works with clients spanning various sectors including telecommunications, retail and banking.
About TELUS Ventures
As the strategic investment arm of TELUS Corporation (TSX: T,NYSE: TU), TELUS Ventures was founded in 2001 and is one of Canada’s most active corporate venture capital funds. TELUS Ventures has invested in over 70 companies since inception with a focus on innovative technologies such as Health Tech, IoT, AI and Security. TELUS Ventures is an active investment partner and supports its portfolio companies through mentoring; exposure to TELUS’ extensive network of business and co-investment partners; access to TELUS’ technologies and broadband networks; and by actively driving new solutions across the TELUS ecosystem.
For more information please visit: ventures.telus.com.
About integrate.ai
Integrate.ai is a leading AI enterprise SaaS company that accelerates the transformation of companies into customer-centric businesses, driving improved business outcomes. The platform applies cutting-edge artificial intelligence algorithms to a unique combination of social media, alternative data, and first party data to personalize and optimize engagements with customers that lead to richer customer relationships and more profitable business outcomes for enterprise clients. Integrate.ai is headquartered in Toronto, Canada with operations in San Francisco, and is comprised of leading AI talent and entrepreneurial leadership from around the world.
For more information about integrate.ai, please visit: integrate.ai.
SOURCE integrate.ai
For further information: For media inquiries, please contact: Media relations: Brandi Rees, North Strategic, for integrate.ai, 416–786–4038, brandi.rees@northstrategic.com; Jill Yetman, TELUS Social and Media Relations, 416–992–2639, jill.yetman@telus.com