Abu Dhabi: Ikigai Labs, a firm harnessing the power of generative AI for tabular data, secured $25 million in a Series A financing round, that saw contributions from e& capital, Premji Invest, and Foundation Capital.
The funding will advance Ikigai Labs’ vision of transforming enterprises’ utilisation of AI, enabling organisations to master AI through the Ikigai Academy and the Ikigai platform.
Ikigai offers a no-code AI solution, helping organisations address the challenges of harnessing large datasets and ensuring accurate forecasting. The company’s approach combines state-of-the-art time series forecasting with three core tools: aiMatch for data reconciliation, aiCast for prediction, and aiPlan for scenario planning.
“I see the challenges that individuals face in understanding what can be done with their tabular data, together with the struggle for enterprises to leverage the latest technological innovations in AI,” said Devavrat Shah, Co-founder and Co-CEO, Ikigai Labs, and Andrew (1956) and Erna Viterbi Chair Professor of AI and Decisions at MIT. “With Ikigai, we see a clear opportunity to help the global workforce harness the power of AI. We are excited to work with e& capital, Premji Invest, Foundation Capital, and luminaries like Diane Greene, who are enabling us to make generative AI for tabular data truly effective across enterprises.”
Eddy Farhat, Executive Director at e& capital, said: “We believe Ikigai is poised to revolutionise the way businesses engage with AI. First, by prioritising functional teams and meeting them where they are on their AI journey both through their powerful, intuitive AI platform and through their engaging, hands-on academy. Second, while the tech world is enamoured with text- and image-based generative AI, Ikigai recognises the substantial value of tabular data, the true treasure trove for most businesses.
“AI is one of humanity’s most powerful technological levers, our investment in Ikigai is a testament to our confidence in their mission to democratise AI and make it more accessible.”
Along with an easy, fast and powerful platform, Ikigai Academy has trained over 6,000 students from over 90 countries on topics such as “No Code AI” and “Time Series Forecasting”.
