Artificial Intelligence and Machine Learning Company MachineVantage Launches with Financing from Unilever Ventures and IRI
BERKELEY, California, June 27, 2017 /PRNewswire/ -- Artificial Intelligence and Machine Learning company MachineVantage has been funded by IRI and Unilever Ventures. MachineVantage applies AI and ML powered algorithms focused exclusively on marketing, and product innovation.
Focused on consumer product and marketing innovations, MachineVantage (www.machinevantage.com) applies proprietary artificial intelligence algorithms and machine learning techniques to extract product innovations, brand semiotics, creative inspirations, and digital and retail point of sale messaging. The company works with major multinational clients in North America and in individual markets in Europe, the Asia Pacific region, Latin America, and the Middle East.
Based in Berkeley, MachineVantage was founded in 2016 by Dr. A. K. Pradeep, who earlier pioneered the field of neuromarketing, the application of advanced neuroscience to marketing. His firm NeuroFocus, the leader in the field, was acquired by Nielsen in 2011. BoardVantage, the Software as a Service company he built earlier, was acquired by Nasdaq in 2016.
"Many of the world's smartest marketers today are looking to leverage the extraordinary algorithmic power of artificial intelligence and machine learning to gain a competitive advantage," Dr. Pradeep said. "What makes MachineVantage stand out is our deep understanding of the foundational principles driving consumer purchase behavior combined with our unique algorithms that process information consumers imbibe under the threshold of conscious consumption. We're privileged to have global innovators like IRI and Unilever join us in delighting consumers everywhere."
MachineVantage's artificial intelligence and machine learning technologies are developed ground-up for marketing professionals, branding and advertising agencies, and product innovators in packaged goods, retail, financial services, health and beauty, food and beverages, and automotive.
Headquartered in Chicago, IRI is a leading provider of big data, predictive analytics and forward-looking insights. As one of the original innovators in big data, IRI integrates the world's largest set of otherwise disconnected purchase, media, social, causal and loyalty data to that help consumer packaged goods, over the counter health care organizations, retailers, financial services, and media companies grow their businesses.
"Bringing the algorithmic power of artificial intelligence and machine learning to all of IRI's data and the IRI Liquid Data® platform has the power to re-invent marketing by transforming how advertisers develop and deliver personalized audiences and then optimize those campaigns in real time based on purchase lift," said Andrew Appel, president and chief executive officer for IRI. "We saw an excellent opportunity to integrate MachineVantage's powerful technologies with the resident big data and analytics in IRI Liquid Data®. Companies that apply these exciting new capabilities are going to benefit tremendously from the 'first mover' advantage."
Unilever Ventures is the venture capital and private equity arm of Unilever, the London and Rotterdam-based consumer goods company that serves 2.5 billion people daily with over 400 brands, including world-leading, household-name brands such as Lipton, Dove, Knorr, Ben & Jerry's, Sunsilk, and Magnum. Unilever Ventures invests in young, promising companies, especially in the Personal Care and Digital categories, accelerating growth by providing access to Unilever's global ecosystem, assets, and expertise.
"We're constantly looking for 'world beaters' for our global investment portfolio," said Olivier Garel, Head of Ventures for Unilever Ventures. "With its expertise in artificial intelligence and machine learning, and its innovative approach to product and marketing innovation, MachineVantage fits that description well, and we look forward to helping facilitate its growth."
MachineVantage worked with several of Unilever's largest brands, operating across many of the countries where those brands are well-established consumer favorites, including in emerging markets.
"It is crucial to understand consumer trends and preferences and to determine how our brands can best respond to people's evolving needs," said Stan Sthanunathan, Executive Vice President - Consumer & Market Insights at Unilever. "We are already using artificial intelligence and machine learning to gain insights that our product development and marketing teams can translate quickly and effectively into innovations. A year of working with MachineVantage convinced us of the unique power of their technology and the value of our investment."
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