Adelaide-based artificial intelligence startup Daitum has received $1 million in investment funds after taking out the prize for best pitch at StartCon, Australia’s largest entrepreneur and startup conference.
The massive prize is set to turbocharge research and development plans for the budding company, with Daitum setting a lofty challenge of making decision analytics solutions accessible to everyone.
Daitum has developed a unique platform, that permits users to upload data to a cloud-based system which can then crunch the numbers using advanced artificial intelligence software and provide answers to vexing questions.
The start-up has said its application is suitable for assisting tasks as broad as supply chain planning, asset management, production planning, workforce management, and inventory management, among others.
The advanced software is the product of three PhD- qualified computer scientists with more than 25 years combined experience.
Commenting on the million-dollar pitch, Daitum director Ian Scriven said:
We’re very excited to have won, and we hope that this will allow us to rapidly grow the business and get our technology into the hands of more and more businesses.”
The unique enterprise was handpicked from a field of more than 600 start-ups, each vying for the top prize.
The pitch finals were held in Sydney at Royal Randwick during StartCon, which ran over two days in front of more than 4,200 attendees.
Initial pitches were held regionally across Australia and Asia, with finalists including The Noisy Guts Project from Perth Western Australia, which seeks to diagnose gut health based on audio analysis, Sydney’s live flood tracking solution FloodMapp and Halal Local, an Indonesian developed app for Muslim tourists.
Funding for the million-dollar windfall has been provided by Right Click Capital, in the form of a term sheet.
Right Click Capital is part of the global Draper Venture Network, which collectively holds approximately US$1.8 billion assets under management.
The venture capital outfit will now work closely with Daitum to enhance development and scale-up business potential.