- Recipient: Daisy Intelligence
- Region: Toronto, ON
- Total funding allocated: $882,000
We are very appreciative of FedDev's support. It came at a pivotal time for us and has further helped us scale our company and accelerate our mission to help our clients' employees free up their time to focus on strategic issues by using autonomous machine intelligence to do what machines do best.
It's an exciting time in the technology field. New developments are changing the way we live our lives and do business, and Artificial Intelligence (AI) is at the cutting edge. It has long been touted as "the next big thing" in technology, and now, AI is opening innumerable possibilities for better and more efficient ways to work. Businesses are rapidly turning to AI to modernize their operations and develop solutions to common challenges for their own business as well as for their clients.
Daisy Intelligence is an Ontario-based company at the forefront of AI solutions for businesses. Daisy's unique AI technology is helping retailers and insurance companies generate significantly improved financial results through AI-based business recommendations and by automating complex processes that are beyond human capability.
Daisy is driving a category management revolution that has increased sales for retail clients on average of 2.9% by optimizing retail product and pricing mixes. Insurance companies use Daisy's risk management platform to detect and avoid tens to hundreds of millions of dollars in fraud, waste, and abuse, and automatically adjudicate claims.
In February 2019, FedDev Ontario announced support for Daisy with a contribution of $882,000 to help the company scale up and increase its presence in Canada and the US.
"We are very appreciative of FedDev's support," says Gary Saarenvirta, Founder and Chief Executive Officer of Daisy Intelligence. "It came at a pivotal time for us and has further helped us scale our company and accelerate our mission to help our clients' employees free up their time to focus on strategic issues by using autonomous machine intelligence to do what machines do best."
Also in 2019, Deloitte Canada recognized Daisy as a Company-to-Watch in its Fast 50 program. And Daisy was ranked as Canada's 39th fastest-growing company by the Globe and Mail's Report on Business and was named AI Company of the Year at the 2019 Canadian FinTech & AI Awards.
Since the support from FedDev Ontario, Daisy has experienced tremendous growth and success. FedDev Ontario's support not only helped Daisy Intelligence scale up and create 30 new highly skilled jobs and maintain seven jobs in southern Ontario, FedDev Ontario's repayable contribution also helped secure Daisy an additional $1.76 million in private investment from the Spark Angel Network.
And Daisy isn't slowing down any time soon. With its growing recognition as the leader in AI for retail and insurance companies, Daisy will be expanding in to the South American and European markets in 2020.