The McKinney Economic Development Corporation’s Innovation Fund is at it again.
Aiotics, a young AI startup that makes scalable, easy-to-use solutions, has established its headquarters in McKinney with a boost from the MEDC. With the Innovation Fund’s grant, the team plans to focus on rapidly expanding its efforts in the artificial intelligence, machine learning, and data science industries.
To start, over the next three years Aiotics will create 20 new jobs with an average salary of $70,000, bringing its total number of employees to 22. Aiotics’ headquarters will sit inside the Barclays Technology Center near Craig Ranch.
Since the fund’s founding in January 2020, Dallas Innovates has kept you up to date on its efforts.
The incentive-based Innovation Fund aims to spur and accelerate the growth of innovation-focused companies in its area. Despite the ongoing COVID-19 pandemic, it’s been landing tech startups at warp speed.
We previously told you about Blockit, a healthcare SaaS company; EnginSoft, an engineering company in the field of computer-aided engineering (CAE); CourMed, a crowdsourced healthcare delivery platform; MyTelemedicine, a virtual platform that provides the healthcare industry with technology and an extensive API suite; and Invene, a healthcare software development startup that was based in UTD’s Venture Development Center.
And just last month, Falkon Technologies, a custom software development company, added 3,000 square feet to its headquarters and doubled its team with capital from the MEDC.
“It’s been incredible to see the positive response to the Innovation Fund throughout the pandemic and as things are starting to open up again,” Danny Chavez, SVP of the McKinney Economic Development Corporation, previously said. (You can learn more about the Fund through an interview with Chavez here). “These are exciting indicators for our team’s goals.”
Aiotics fits the Innovation Fund’s mission to invest in innovators in the tech and startup sector who are leading the way for “Economic Development 2.0.”
The team helming Aiotics is comprised of enthusiastic, experienced, and passionate AI experts, according to the MEDC. Their goal? To make artificial intelligence available for everyone.
Currently, Aiotics is offering automated solutions for the retail, healthcare, manufacturing, and high-tech industries. The startup deploys the latest in machine learning, deep learning, and computer vision to create customized technologies that give “businesses and customers an unmatched and unparalleled AI experience.”
Aiotics’ primary product is a Customer Support Automation that uses deep learning and computer vision to provide auto ticket triage systems and reduced time-intensive manual routing. Essentially, the AI recognizes tickets that can be solved without manual intervention.
The main man behind it all is Founder Maruthi Karpey. Described as an experienced enterprise software developer and solutions architect by the MEDC, Karpey has built a passion for enterprise design throughout his more than 18 years in the industry.
His specialties include an extensive knowledge of building AI products. He has curated an AI/ML landscape within Aiotics to make for a better platform that can address work toward designing AI/ML models that meet real-world requirements.
“The MEDC not only invests in tech startups, but the people behind them. Maruthi has created an amazing company, Aiotics, that can disrupt customer support and other enterprise business applications,” Mike DePaola, director of Technology & Research at the MEDC, said in a statement. “Their knowledge of AI, deep learning, and ML technology is evident in their product road map.”
Aiotics is pre-revenue and plans for a product release later this year. In the short term, the startup is honed in on designing and developing ready-to-deploy solutions. But in the future, the team hopes to be “one of the preferred and most user-friendly AI/ML application providers for enterprise level businesses.”