Phacet Raises $4 Million to Bring AI Tools to Small Businesses
Artificial intelligence (AI) startup Phacet has reportedly raised $4.4 million for its small business-based solutions.
The seed funding round comes as the Paris-based company is working to extend its AI applications for small and medium-sized enterprises (SMEs) across a range of sectors, including eCommerce, industry and finance, EU Startups reported Monday (Sept. 23).
“The support of our investors will allow us to advance our mission to build a bridge between fast-evolving AI models and the concrete needs of SMEs,” said Nicolas Marchais, founder and CEO of Phacet. “This will enable them to move from the desire to integrate AI to its implementation in different departments.”
According to the report, Phacet works with customers to determine essential applications to enhance business processes. From there, clients can take part in an AI Bootcamp on Phacet’s platform, which creates AI applications with Phacet’s AI engineers and the client team.
The company says the integration of a centralized platform and sole supplier allows for a consistent experience, data connectivity and cost control for businesses.
The company’s funding round comes at a moment where AI is no longer just the domain of large, deep-pocketed companies, as PYMNTS wrote earlier this year in a look at small and medium-sized business (SMB) adoption of the technology.
“However, the ways that Main Street SMBs can unlock growth through strategic applications of AI looks a little different from the approaches being taken by their larger enterprise counterparts,” that report said.
“Smaller businesses are not just playing catch-up, though. From better access to working capital, to marketing and workflow automation, SMBs are leveraging AI in ways that are uniquely suited to their scale and operations.”
In contrast to major corporations, which might turn to AI to optimize global supply chains, SMBs are employing AI at a more localized level.
For example, a small car repair shop could use AI to predict which parts will be needed most frequently based on historical data, lowering the need to amass large inventories and ensuring that commonly needed parts are always on hand.
“The key to success for SMBs will be in how they choose to implement and integrate AI into their business models,” PYMNTS wrote. “By focusing on applications that align with their unique needs and strengths, Main Street businesses can use AI to drive growth in ways that are both sustainable and impactful, distinguishing themselves from larger competitors in the process.”
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