1 December 2023, Sydney: Decision intelligence start-up SourseAI today announced it secured $3 million in Series A funding, bringing its total capital raise to $5 million, as it builds the leading AI platform for telcos globally.
With investment in Australian start-ups slowing recently, backing from specialist professional services and enterprise technology investors, Centerstone Capital, validates the significant potential of SourseAI’s decision intelligence platform and its strategic positioning in the AI domain. Co-founder of Centerstone and Former Managing Director of Global Strategy and Innovation for Deloitte, Luc Maasdorp, will join the SourseAI board to provide expertise and oversight.
SourseAI helps telcos form successful business strategies in a highly competitive and commoditised sector. Its decision intelligence platform is a no-code AI solution for telcos to scrutinize mountains of data and create genuine, actionable business predictions at scale. Its AI provides certainty by accurately modelling the outcomes of business decisions.
Built by a team of telco industry veterans and world-class data scientists, SourseAI is rapidly becoming the go-to AI tool in the telco sector. It is currently used by three quarters of Australian telcos including Lebara, Kogan Mobile, Superloop, Mate and AGL (Southern Phone) mobile.
SourseAI will now enter a global growth phase, focusing initially on Europe, where it is building momentum since launching in the UK late in 2022. It has already secured its first UK customer and experienced success as part of Vodafone’s Tomorrow Street tech incubator in Luxembourg. SourseAI also expects to announce a second foundational customer in November.
SourseAI will also increase the size of its team on the ground in the UK, and double the size of its Australian-based R&D team.
Luc Maasdorp, Co-founder of Centerstone Capital comments: “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. We look forward to working with SourseAI on its growth journey.”
Tanya Hyams-Young, CEO and co-founder of SourseAI comments: “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.
“A lot of Telcos are overwhelmed. They know they need to focus on the consumer and they are sitting on mountains of data they could use to make decisions, but many don’t know how to best make sense of it. They also know they need to use AI, but they struggle with where to start. Many make the costly and time-consuming mistake of trying to build their own AI-team in house – which can take years to bear fruit.
“SourseAI was designed specifically for the telco sector to help them filter and analyse data and model decisions to see how they will perform in the real world and ultimately scale decisions. It’s a no-code SaaS solution that delivers massive benefits in just 90 days.”
Mark Fazio, Co-CEO at Mate comments: “SourseAI’s platform has been invaluable source of clarity and confidence for Mate. It cuts through all the excess data to give us the information we really need, and provides certainty the decisions we take will have a positive impact. 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 which we estimated would have cost more than five million in operational expense annually and take many years to achieve a return on the investment.”