Editor’s Note: Across the Inno network, we’re taking a look at those entities who are taking big risks to achieve the (seemingly) impossible. In Charlotte, we’re specifically looking at how one company is making AI-gleaned data accessible for companies to use insightfully — all while ensuring privacy and security of the information it gathers. It's a big task, to be sure.
Some may say companies like these are aiming for the moon with their huge ideas. But since when does any innovator worth their salt think small? To check out moonshots in all 13 Inno markets, click here.
Entrepreneurs are, by nature, a mostly optimistic bunch. They believe so passionately about the dreams that they are building and how they can impact the world we are living in — no matter how big the goal is.
One of the founders who truly embodies this attitude is Stratifyd founder and CEO Derek Wang. His company dubs itself "the best choice in consumer analytics," and his vision for what he wants the organization to achieve is nothing less than extraordinary: "to democratize AI," he told Charlotte Inno.
The mission began for Wang when he served as the associate director of the Charlotte Visualization Center at UNCC.
"Primarily, we worked with the U.S. government and the State Department, the DoD and SOCOM, trying to leverage advanced data analytics to perform predictive analytics," he said.
That meant utilizing publicly available data — think a combo of news and social media, cable wires, etc. — to pinpoint where, say, an epidemic will occur.
"We are definitely position to be a leader in this area because of the vision."
The work was received well, with feedback from bank and company leaders boiling down to, "any way we can leverage your research and knowledge [is helpful]." The consensus? That turning human-generated data into actionable insight was a headache companies were struggling to cure.
It was this insight that ultimately inspired Wang to build the startup, which was officially born in January 2015.
Wang emphasized two elements of Stratifyd's software: that it was simple for customers to use well and that it was focused on protecting the integrity of privacy and security.
"People can do point and click deployment without really setting up," he said.
It works like this: Users have access to Stratifyd's data processing layer, which in turn works with the company's unique setup. Translation? The software can glean publicly available data points from programs like Salesforce, SurveyMonkey or any other third party that's relevant to the users' needs.
Then, the tech will essentially establish a visual of "whatever data you throw at it," Wang explained. Upon completion, users will have an easy to decipher overview of the different information they are looking to engage with.
The insights in question vary, as Stratifyd typically works with large enterprises, including fast-growing finance, pharmaceutical and CPG companies across the world. In essence, Stratifyd is looking to help its customers take a holistic look at their data to make their businesses better, and it does so in 28 languages.
For example: Wang told a story of a car company not being able to decipher why a large batch of its vehicles were experiencing a bizarre burning smell. Besides the problem with the cars themselves, the company had to figure out ... well, how to even figure out the problem.
"They can use our platform to identify this in minutes," he said. "They share what they find in their system, and pass it back through their manufacturing pipeline and truly find out what [the issue is]."
How? By using available data to pinpoint the affected cars, their manufacturing location and any other context that could shed light on the mysterious smell. Voila; problem solved.
It manages to do all this while maintaining the security of the information it employs.
"We're a security-first [company]," Wang said. "We are very strict about the data we can and cannot touch ... [and we] strike out any personally identifiable information for any organization before they do an analysis. We build that [user interface] so that everybody is comfortable when looking at that analysis … so we're not unveiling any personal information there."
These considerations, along with the software itself, have resonated with consumers.
"Customers love this kind of technology," Wang said. "It truly revolutionizes how they perceive how to better serve their clients."
Investors do, too. In this year alone, Stratifyd has raised $29 million in funding in a Series B, bringing its total funding to just north of $40 million.
And the company is just getting started. To further Wang's vision of democratizing AI, Stratifyd has plans to debut an ecosystem marketplace later this summer.
"If we believe (and we do) that democratizing AI [is important], then we need that participation from third-party partners," he said. "Why should Stratifyd be the gatekeeper? We're opening up our platform so that all the other lines of businesses [can contribute] and benefit their greater community."
It's this perspective that Wang argues makes Stratifyd stand apart.
"We are definitely positioned to be a leader in this area because of the vision," he said. "We’re not just [handling] just one piece of the puzzle."
