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Adext Raises $3M

Photonics.com
May 2017
PALO ALTO, Calif., May 8, 2017 — Adext Inc., an artificial intelligence (AI) and machine learning (ML) startup, raised $3 million at a $20 million valuation in December 2016.

The firm went from $100,000 in starting capital to a $20 million valuation in less than a year of operations, making it one of the most significant seed rounds in history for a Hispanic-born AI startup.

“Our sole purpose and responsibility is to help businesses grow and increase their sales through artificial intelligence and machine learning,” said Daniel Molano, CEO of Adext. “We have built the first and currently only fully automated platform, using AI and ML, to plan, deploy and buy paid ads cross-platform in Google, Facebook, Twitter, Instagram and thousands of websites to increase the sales of small and medium businesses with very low budgets. The funds will be used mostly in tech and marketing to further expand into 22 Spanish-speaking countries where we already have over 20,000 users and into seven English-speaking countries, with the U.S. being our main focus.”

The company aims to help 1 million small- and medium-sized businesses increase their sales.

"People fear the emergence of AI, but that’s not the right mentality to have,” Molano said. “AI is superior to humans in numerical, data-driven, business intelligence, repetitive and mechanical tasks such as media planning and media buying. Yet the human being is far superior to AI in creative and strategic tasks. It’s not a question of whether AI will replace humans or not. It’s a question of where humans should focus and what do we do best.”

The funding round is comprised of both U.S. and Mexican investors and led by Angel Romanos, founder and CEO of Credito Real.

Adext delivers advertising returns using AI and ML on a fully automated platform to plan, deploy and buy paid ads cross-platform.

GLOSSARY
artificial intelligence
The ability of a machine to perform certain complex functions normally associated with human intelligence, such as judgment, pattern recognition, understanding, learning, planning and problem solving.
BusinessAdextartificial intelligencemachine learningfundingcapitalAmericas

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