Quantum Rise, a Chicago-based startup that does AI-powered automation for companies like Dunnhumby (a retail analytics platform for the grocery industry), has raised a $15 million seed round from Erie Street Growth Partners. Its approach is somewhat similar to UiPath, a company famous for bringing robotic process automation to the enterprise, but with a broader view on the AI hurdles companies face, and a more ‘hand-holding’ touch.
Quantum Rise deploys AI in companies under a so-called “Consulting 2.0” model to automate workflows, roadmaps, tailor AI solutions and generally speed up businesses. The startup is the second step from Alex Kelleher, the former founder of edtech platform Cognitive Match, which was acquired by Magnetic in 2014.
In terms of the potential market opportunity for AI-powered automation, consulting giant BCG expects a fifth of its revenue to come from helping corporations integrate AI in 2024, and 40% by 2026. Meanwhile, IBM has secured more than $1 billion in sales commitments related to generative AI. This suggests that space is opening up for fast-moving startups to enter this field, and that’s what Kelleher is betting on with Quantum Rise.
He believes that the merging of human and machine intelligence is the opportunity that exists right now.
“The whole consulting industry is going to collapse because it’s based on people’s time and a lack of automation,” Kelleher told TechCrunch. “We’ll bring heavy engineering to the space. There’s a huge number of CEOs of these $300M companies who don’t know where to start. They can’t afford the Deloittes of this world. That’s where we come in. They want someone to come in and automate the company and make it happen.”
“The Quantum Rise team uniquely understands how to apply data, automation and AI to augment human intelligence and accelerate growth,” Terry Grahnke, president and CEO of Erie Street Growth Partners, said in a statement.
