A Pasadena-based company specializing in developing artificial intelligence analytics and visualization solutions has raised $18 million in funding as it prepared to expand its presence in the commercial marketplace, the organization announced Wednesday.
The capital was raised through Series B funding, one of the stages in the capital-raising process of a startup, Virtualistics said in a written statement.
“The funding will be applied to expand Virtualitics’ business with the defense industry as well as accelerating and increasing engagements in commercial markets, including use cases in healthcare, finance, industrial IOT, and motorsports with several Fortune 500 companies,” the statement said.
The company also announced that North Sounds Partners Chief Investment Officer Brian Miller had joined Virtualistic’s Board of Directors.
After enjoying success with military contracts, Virtualistics founder and CEO Michael Amori said the company hopes to continue with government work, as well as expand into other industries.
“Our mission is to enable smarter data-driven decisions through our technology, combining simple-to-use AI and 3D data visualization,” he said. “This funding will enable us to further improve and differentiate our platform, expand upon our success to date enabling the DOD to take advantage of AI systematically at enterprise scale, and build our go-to-market resources for key commercial markets.”
Company co-founder and CSO Ciro Donalek said Virtualistics was working to make emerging technologies more accessible to the general public.
“We are making the black box of AI more transparent for all users through explainability, advanced visualization and data storytelling,” he said. “With this new capital, we will be able to further expand our talented data science and engineering teams and more quickly deploy all the exciting new features in our roadmap.”
More information on Virtualistics is available on the company’s website at virtualitics.com.