Chicago-based AI startup Quantum Rise has received seed funding worth $15 million to invest in its powered startup Consulting 2.0.
Quantum Rise, a Chicago-based startup that provides AI-driven automation services to companies such as dunnhumby (a retail analytics platform for the grocery industry), has secured a $15 million venture round from Erie Street Growth Partners. Its strategy is reminiscent of UiPath’s, a renowned company that introduced robotic process automation to the enterprise. However, it takes a more comprehensive approach to companies’ AI challenges and provides more guidance.
Quantum Rise deploys AI into companies under the “Consulting 2.0” paradigm to automate workflows, provide roadmaps and tailored AI solutions, and generally accelerate businesses. Alex Kelleher, the former founder of the adtech platform Cognitive Match, has launched his second venture. Magnetic acquired Cognitive Match in 2014.
To provide context for the potential market opportunity for AI-driven automation, BCG, a consulting behemoth, anticipates that a fifth of its revenues in 2024 will be generated by assisting corporations in integrating AI, and this figure will increase to 40% by 2026. In the interim, IBM has secured over $1 billion in sales commitments for generative AI. This implies that a new opportunity is emerging for fast-growing startups to enter the market, and Kelleher is placing his wager on this with Quantum Rise.
He believes that the current opportunity is to integrate human and machine intelligence.
“The consulting industry is on the brink of collapse due to its dependence on human labor and the absence of automation,” Kelleher stated in an interview with TechCrunch. “We will introduce sophisticated engineering to the space.” Many CEOs of these $300 million companies are uncertain and still determining where to begin. They are unable to afford the Deloitte’s of this world. That is where we come in. They desire an individual to enter the organization and execute the necessary automation.
Terry Graunke, chairman and CEO of Erie Street Growth Partners, stated that the Quantum Rise team has a distinctive understanding of leveraging data, automation, and AI to enhance human intelligence and stimulate growth.