Bellevue, Wash.-based Kurvv, which sells AI instruments that predict tools failure, is being acquired by Aizen, an AI-focused fintech startup based mostly in Singapore.
“The financial downturn that began in the course of the deal course of didn’t make issues any simpler,” CEO and co-founder Ryan Lee informed Startup. “However the capabilities Kurvv had constructed and what Aizen wanted was a pure match.”
Kurvv sells AI instruments that companies can plug into their machines to foretell future tools breakdowns. Through the pandemic, the startup pivoted from promoting pre-trained AI fashions designed for small companies.
The businesses didn’t disclose phrases of the deal. Kurvv will not maintain its branding, in keeping with Lee. Aizen will use the tech to spice up its AI capabilities.
The one funding that Kurvv raised got here in 2019 when it introduced a $1 million seed spherical led by SEMA Translink Funding, a Korean-American enterprise capital agency. SEMA additionally led a $4.2 million Sequence B spherical in Aizen in 2020.
Lee left his publish as an information science program supervisor at Microsoft in 2019 to begin Kurvv, drawing upon greater than 15 years of expertise in product administration. He was joined on the time by Vince Roche, who served because the startup’s CTO for practically two years earlier than departing in March 2021. Jeff Croft, who beforehand labored in Microsoft’s enterprise improvement and technique division, can be listed as a co-founder.
Based in 2016, Aizen sells AI banking-as-a-service instruments to monetary establishments. It raised a complete of $9 million and has 21 staff, in keeping with LinkedIn. Following the acquisition, Kurvv’s 5 staff is not going to switch over to Aizen. Each Lee and Croft served as interim executives on the firm.