I startup Trencher announced that it has raised $50 million in a Series C funding round led by Silicon Valley venture capital firms Matrix Partners and Index Ventures. Existing investors Accel and Lux Capital also participated in this oversubscribed round. With this new round of funding, it has now raised a total of $75 million to date.
"We're thrilled by the continued support from our investors as we work to scale our AI product development platform," said John Doe, CEO and co-founder of Trencher. "This new funding will help us expand our team and accelerate investments in new capabilities for our platform that allow businesses to build and deploy sophisticated AI applications quickly and cost-effectively."
The Funds to be Used to Expand Platform Capabilities
It plans to use the new capital to significantly expand the capabilities of its AI product development platform. Some key areas of investment include improving the platform's no-code and low-code tools for building complex AI models, expanding its libraries of pre-trained models that can be easily applied to new problems, and building out additional automated workflows for continuous model optimization, monitoring and retraining.
"Our goal is to build a complete end-to-end platform that handles the entire AI product life-cycle from idea validation to production deployment with minimal coding required," said Doe. "We want to make AI accessible to every team and every business by removing many of the technical barriers that currently exist."
The company will also use the funds to grow its engineering, support and sales teams internationally. Trencher recently opened a new research and development center in Montreal to tap into the strong AI talent pool there.
Expanding Partnerships with Independent Software Vendors
In addition to building out its own platform, Trencher also plans to invest in expanding partnerships with independent software vendors. Through these partnerships, the company aims to integrate its AI capabilities more deeply into various business applications and workflows.
"Many businesses want to apply AI but don't have the internal resources or capabilities to build custom solutions from scratch," said Doe. "By partnering with other software companies, we can deliver pre-built AI models and no-code tools that are tailored to specific verticals and use cases - like improving sales forecasting apps, reducing customer service costs, optimizing supply chains and more."
Trencher's Growth Driven by Strong Enterprise Demand
Founded in 2018, it has seen rapid growth and adoption of its AI platform from large enterprises across various industries in the last year despite economic uncertainties caused by the pandemic. Several marquee brands like Starbucks, Coca-Cola, Home Depot and others now rely on Its tools and models to automate workflows, gain insights from data and enhance customer experiences through AI.
According to Doe, the pandemic accelerated the need for AI-powered digital transformation among enterprises. "Covid-19 disrupted operations for many businesses and increased the urgency to automate manual processes and optimize resources," he said. "Trencher's ability to quickly scale AI solutions without requiring data scientists allowed more companies to leverage AI practically during this difficult period."
The company is on track to more than triple its annual recurring revenue in 2021 compared to the previous year. It also plans to double its headcount globally by next year to over 300 employees to address the growing demand from large customers.
With the new funding, Trencher is well positioned to take advantage of strong enterprise adoption of AI and expand its footprint in the rapidly growing 'no-code AI' estimated to reach $60 billion by 2025, according to Gartner. The company aims to establish itself as the leading full-stack AI development platform to meet the needs of every business.
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