Sydney, June 18: “Every industry is being reshaped by AI. Winners are defined by their ability to harness the right AI tools to deliver real commercial value before their competitors,” remarked TrueState founder Will Ashford.
This bold statement underscores the launch of Sydney-based tech startup TrueState, which has just secured AUD $1.5 million in funding from prominent investors, including Airtree, Side Stage Ventures, Galileo Ventures, and Imprint Capital Partners.
Ashford, an ex-McKinsey QuantumBlack consultant, founded TrueState to expedite the creation of high-impact AI applications, reducing the development time from months to mere days.
TrueState’s platform features a range of AI application templates that can be seamlessly integrated with operational data to support valuable use cases, such as predicting machinery failure or recommending actions to curb customer churn.
“But right now, we’re seeing most businesses in one of two scenarios. They are either investing in a huge tangle of third-party AI toys that are more hype than impact, or they are taking months or even years to build their own AI tools, often relying on costly external consultancy firms,” Ashford explained.
TrueState aims to disrupt this status quo by providing a robust foundation paired with a user-friendly interface, empowering even non-technical teams to create and customize AI applications.
TrueState’s platform includes a library of pre-built, customizable AI solutions, ensuring secure AI model training and storage.
This guarantees enterprise-grade data privacy and security.
For instance, direct-to-consumer businesses can leverage TrueState to build AI apps that suggest up-sell opportunities for existing customers, while manufacturers can forecast supply and demand to optimise inventory and cash flow.
Additional use cases span sales team recommendations, investment operations, pricing strategies, customer support, recruitment, staff retention, workplace safety, and relationship management.
The funding will help TrueState continue to expand its technology platform, grow its team, and extend its reach to the US and UK later this year, positioning it for significant growth and impact in the AI industry.
James Cameron, partner at Airtree, shared his excitement: “It’s the start of an exciting journey for Will and the TrueState team as they build their first product at a time when the market is crying out for help. The excitement from the AI hype train is quickly being replaced by frustration as corporations struggle to deploy new AI technologies safely and reliably without an army of consultants.”
Cameron emphasised that TrueState’s integrated AI components can perform tasks in months that typically take consultants over half a year.
Ben Grabiner, general partner at Side Stage Ventures, noted the gap between the potential and actual productivity gains from AI.
“Will has spent several years working on this challenge at McKinsey and now we’re excited to back him as he builds TrueState — a new breed of AI platform enabling enterprises to iterate and execute on AI solutions fast, leverage multiple models and deliver integrated solutions that create real cost and productivity efficiencies.”
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