Frankfurt-based data analytics and AI startup Scavenger AI has raised a total of €1.1 million in a pre-seed funding round in Q1 2024 led by High Tech Gründerfonds (HTGF) in collaboration with Calm/Storm It was announced on Thursday that it had been secured. Ventures, Femventix, B4i Fund.
The company plans to use the funding to expand its team, develop the necessary technology infrastructure, and bring software to market that meets customer requirements.
Maximilian Hahnenkamp and Felix Beisel, founders of Scavenger AI, said, We are particularly pleased that investors are on board.”
Why scavenger AI?
Maximilian Hahnenkamp and Felix Beissel founded Scavenger AI after encountering the common problem of overwhelming amounts of data with insufficient resources and time to extract meaningful insights.
Businesses generate large amounts of data but lack the resources to analyze it, making decision-making difficult.
After experiencing how much money and time it takes to solve simple statistics questions,
They focused on the need for innovation in line with the modern technological landscape.
Scavenger AI has developed three unique AI tools to quickly solve enterprise data problems.
The software cleanses the data, automatically analyzes it statistically based on the user’s questions, and displays the analysis results in simple language.
Finally, all mathematical results are displayed in the form of a dashboard.
Investor
High Tech Gründerfonds (HTGF) provides funding to high-growth technology startups and has supported over 700 startups since 2005.
With the launch of its fourth fund, HTGF now manages approximately €1.4 billion.
HTGF focuses on high-tech startups in digital technology, industrial technology, life sciences, chemistry, and related business sectors. To date, external investors have injected approximately €5 billion of capital into the HTGF portfolio through his more than 2,000 subsequent funding rounds.
Fund investors in this public-private partnership include the German Federal Ministry of Economic Affairs and Climate Change, KfW Capital and 45 companies from a wide range of industries.
Kilian von Berlichingen, Senior Investment Manager at HTGF, said: “AI is making business more efficient, and scavenger AI is on the right track to revolutionize how companies gain unbiased insights from their data. I am confident in the technical solution behind it.”
