Bratislava, Slovakia, 26.06.2020 – Today marks a very important milestone for iERP as we welcome Slovakian CB Investment Management and one of the top European accelerators Startup Wise Guys as new investors in the business, contributing to iERP’s pre-seed funding round. This investment will accelerate the development of innovative business predictive platforms powered by AI.
The new investment round will enable iERP to further capitalize on its position as a leading innovator in the business prediction platform industry, “Go-to-Market” strategy which will help move iERP forward, into new markets.
Unique on-premise software with pre-configured AI algorithms, innovation is a key area of focus for iERP. Which enables small and medium businesses precise and actionable predictions and forecasts in sales and marketing with ZERO required knowledge of artificial intelligence or machine learning technologies. The funding will drive development and the expansion of algorithms and further international expansion.
“Our mission is to provide end-to-end business prediction platforms with modules that address multiple business scenarios, without the need for organisation to have any AI knowledge. We are so proud and excited to have new partners on board and we believe this investment will speed up the development and boost sales of our unique artificial intelligence platform,” said Jozef Balaz, CEO of iERP.
“iERP has global potential. The combination of an experienced team of IT and sales professionals and the co-investment of a reputable Estonian co-investor focused on B2B SaaS, persuaded us to invest. iERP’s predictive AI software platform is designed to address the needs of organizations of any size, thanks to its flexibility and cost-efficiency. The company already has several pilot projects running with renowned companies and global corporations from different industry sectors,” said Michal Nešpor, partner of CB Investment Management.
“When working with early-stage startups, it’s always about people. There are no yet outstanding success cases or huge revenues but only potential and an unstoppable desire of a team to solve an existing problem. Jozef and Dusan are maybe the best examples of a strong founding team. Working together for 6+ years, they both know the market inside out, since they were solving the exact customers’ pain for the past 20 years. Founders are a priority in an investment decision-making process but obviously, it’s also about business. Predictive analysis was a privilege for large enterprises for years, since they were the only ones that could have a separate data analysis department. SMEs or SMBs could not even hope to spend so much human and financial resources. In many cases, they have to trust their guts. Which is not always the most accurate strategy. iERP is solving a painful problem that exists on the market forever but AI technology has been evolving only the recent years. So the time is finally now: the AI market is forecasted to grow $190B by 2025. We are fully convinced that the combination of experience, knowledge, and passion that Dusan and Josef have will help them to dominate Europe. And they have our full support to make this happen,” said Alexandra Balkova, SWG SaaS Batch Managing Director.
iERP was founded in April 2019, and its mission is to help companies to utilize their existing data to increase revenue, customer satisfaction and decrease their costs by using easy to use software solutions, powered by Artificial Intelligence. iERP developed easy to use all-in-one AI software solutions, iERP Studio and a set of algorithms. This on-premise software is enabling customers to perform all the steps required to implement and use AI algorithms without prior knowledge of AI. Customers import their business data, follow a simple step-by-step wizard and the software will provide precise, actionable recommendations and predictions.
About CB Investment Management
CB Investment Management is managing a EUR 23m seed investment fund investing in early-stage Slovak companies with an international profile. Companies with a maximum age of 3 to 5 years, can get investments from a few hundred thousand, up to EUR 1,6m. Additionally, the companies can tap additional capital together with knowledge, experience and a network of 3,000 private investors of Crowdberry (www.crowdberry.eu), the largest alternative investment platform in Slovakia and Czechia. www.crowdberryim.sk
About Startup Wise Guys
Startup Wise Guys is one of the most active early-stage investors in Europe and has been voted Top VC fund in the CEE in the year 2019. To help techy startup founders become true entrepreneurs. They are running a world-class startup accelerator with more than 165 startups accelerated since 2012, focusing on B2B SaaS, Fintech and Cybersecurity. The portfolio has already had 2 major exits and overall startup survival and success rate is above 77%. www.startupwiseguys.com
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