Element Data, the Seattle-based startup, has raised $1.7 million in seed round of funding led by investor Archibald Cox Jr. Other investors included several technology executives such as Stephen Lawler (former Vice President at Amazon), Erik Jorgensen, (Chairman of Vexcel Imaging), among others.
The firm will use the influx of money to build a team of artificial intelligence and machine learning engineers to further develop the product. They harness the power of machine learning and artificial intelligence to enable people to be more confident in their decisions. Element Data CEO Geoff McDonald, in an official statement, mentioned,
We’re not in the technology, polling or survey business. We’re in the confidence business. We know that when individuals and organizations are confident in the decisions they make, they execute more effectively.
Element Data is creating a first-of-its-kind platform that classifies decisions through the use of artificial intelligence and machine learning using their proprietary Decisions Insights and Computation Engine (DICE). It delves deeper into the why of human decision making and deciphers the factors that drive predictable outcomes.
Element Data’s DICE proceeds strategically, it lets the users enter their own options and criteria, handing them the reigns. The system taps into options, criteria, biases, and conditions that form the basis for any given decision and all considered alternatives. As it gains more bits and insights behind each user’s decision making, it is then delivered in a detailed compilation of analytics and psychographic and demographic insights. This allows individuals and organizations to influence their larger decisions.
Element Data had also announced the acquisition of the technology assets and team of a Seattle-based startup PV Cube. Post, this deal, the size of the team invested in building the world’s first cognitive decision engine increases. PV Cube’s Co-Founder Vish Vadlamani, said,
We are excited to bring our expertise to the Element Data team. We share a common vision for the future and how our existing technology can integrate into the efforts currently underway to improve decision making and analysis.
Element Data’s Chief Technology Officer Charles Davis, added,
Years of work have already gone into PV Cube’s platform which will expedite our product efforts.
