Only have 1 minute? Here are 3 key takeaways:
- The Greek diaspora has played a pivotal role in fostering the growth of the startup ecosystem, as Greek-founded tech companies surpassed $1B in funding globally in 2023.
- Last week, Sentify, a Greek-founded startup, enabling users to extract actionable insights from large language model (LLM) products, secured over $1.1 million in Pre-Seed funding, led by Episode 1 and supported by other angel investors.
- With a mission to leverage Generative AI for deeper insights, Sentify plans to use the investment to enhance product development, expand its team, and accelerate customer acquisition.
The Greek diaspora has always been instrumental in growing the startup ecosystem. In 2023, Greek tech demonstrated more resilience with the total funding amount raised by Greek-founded startups worldwide surpassing $1B.
Last week, Sentify, a Greek-founded London-based startup, announced that it secured over $1.1 million in an oversubscribed Pre-Seed funding round. The company, a platform enabling users to extract actionable insights from large language model (LLM) products, was founded in 2023 by Alex Marantelos, formerly customer success manager of Confluent, George Pastakas, previously data scientist at Revolut, and Dimi Ilias, former software engineer at Meta.
The round was led by Episode 1 with Adam Shuaib joining the board, and was supported by 500 Emerging Europe, and a select group of angel investors, including Thaleia Misailidou. She shared for The Recursive that “the Greek diaspora has proven a dynamic source of deal flow for me, with deep tech startups like Sentify or Neurovirt recently announcing pre-seed rounds, and more underway. These founders share the ambition to tackle the big problems of our world, and this is exactly the type of companies I want to be supporting.”
As a core mission, Sentify aims to help organizations harness the power of Generative AI by gaining deeper insights into their users’ interactions and conversations with LLM products, revealing customer behaviors, user intent action inference, and product usage patterns. The platform offers an interactive, real-time interface. One of the company’s main goals is to improve internal business decisions among various teams, product development, and customer experience with their NLU proprietary technology.
The new investment will help the advancement of product development, expand hiring, and enhance the customer acquisition process. Sentify is currently focused on refining its platform during a private beta phase, with plans for a public launch expected by the end of the first quarter. According to their data, more than 40 organizations show their interest in adopting the platform, with 10 pilots successfully underway. The industries are spanning across various sectors, from product building/coding copilots to mental health AI assistants, recruitment, and financial AI advisors. Alex Marantelos, CEO of the company shared that they would like “to have worked at a certain volume of data analyzed before bringing the platform publicly to the market.”
The Generative AI market is poised to become a multi-trillion dollar industry in the next 10 years. Expansion is projected to be propelled, initially by training infrastructure and gradually transitioning to inference devices for large language models (LLMs), digital ads, specialized software, and services in the medium to long term.
Sentify’s new pre-seed funding is a step forward to building Gen AI products. “With the rising adoption of AI, businesses are overwhelmed by unforeseen amounts of text data, they will need to somehow make sense of it”, also added Thaleia Misailidou. The investment will be utilized in augmenting thеir platform capabilities with prescriptive and predictive analytics, to ensure customers get quicker and deeper insights on the platform over time.