Prescient AI raised $10 million in funding from investors after reporting its revenue grew 30 times over in 2023.
Based in Midtown Miami, the startup uses machine learning models to measure and predict the impact of advertisement campaigns for brands that sells their goods on Amazon and direct-to-consumer websites. That data can help businesses determine where to spend their ad dollars for the best results.
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Consumer privacy protections are making it more difficult for marketers to track user-level data online, the company reports.
"For decades, the marketing analytics industry has been distracted by the promise of tracking pixels and click-based attribution models, but marketers don't need user-level tracking to get reliable insights," Prescient AI CEO Michael True said.
The series A capital injection was funded by San Francisco-based investment firm Headline and CEAS Investments. Prescient AI will use the capital to hire and increase its sales and media channel integration coverage, True told the Business Journal. The startup currently has 20 employees.
The company is focused on developing its models to deliver accurate predictions across every media and sales channel used by e-commerce businesses.
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"The brands that work with us have uncovered significant revenue growth using the Prescient AI platform and they want more," True said.
It's technology can be used for more than e-commerce: In one case, Prescient AI was able to predict the performance of a song by "one of the world's top recording artists" for Warner Music, the company reports.
The startup already has a variety of well-known brands among its customers, including bedding and loungewear website Cozy Earth and Good American, a clothing company co-founded by reality television star and influencer Khloe Kardashian. Prescient AI reports its platform has increased return on ad spend by an average of 20% for the brands it works with.
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The company is an example of how artificial intelligence will be increasingly used to deliver useful recommendations that help businesses grow their brands, said Taylor Brandt, VP at Headline.
"Every marketer wants to know exactly where to spend to get the best results, but reliable answers are difficult to pinpoint and they continuously change with the business environment," Brandt said. "Prescient AI has proven its advanced AI solutions will consistently deliver accurate results."
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