Quantum Rise, a Chicago-based startup that provides AI-powered automation solutions for companies like dunnhumby (a retail analytics platform for the grocery industry), has raised $15 million from Erie Street Growth Partners. Its approach is somewhat similar to UIPath, a company best known for bringing robotic process automation to enterprises, but with a broader view of the AI hurdles companies face and a more “manual” approach.
Quantum Rise deploys AI in enterprises in a so-called “Consulting 2.0” model to automate workflows, roadmaps, custom AI solutions and generally accelerate activities. The startup is the second act of Alex Kelleher, the former founder of the adtech platform Cognitive Match, acquired by Magnetic in 2014.
To give some context to the potential business opportunity for AI-driven automation, consulting giant BCG expects to generate a fifth of its revenue in 2024 from helping companies integrate AI, and 40% by 2026. At the same time, IBM has secured more than $1 billion in sales commitments related to generative AI. This suggests that space is opening up for high-growth startups to enter the arena, and that’s what Kelleher is betting on with Quantum Rise.
He believes that the opportunity currently lies in the fusion of human intelligence and artificial intelligence.
“The whole consulting industry is about to collapse because it relies on people’s time and lack of automation,” Kelleher told TechCrunch. “We’re going to introduce heavy engineering into this industry. The number of CEOs of these $300 million companies who don’t know where to start is huge. They can’t afford the Deloittes of the world. That’s where we come in. They want someone to come in and automate the business and make it happen.”
In a statement, Terry Graunke, chairman and CEO of Erie Street Growth Partners, added, “The Quantum Rise team uniquely understands how to apply data, automation and AI to augment human intelligence and drive growth.”
