Jared Zhao developed an interest in data analytics while studying at UC Berkeley, drawn by its capability to transform raw data into meaningful narratives. In 2021, Zhao launched his initial data analytics venture, Polyture. However, with the rapid evolution of generative AI the following year, he realised that Polyture’s offerings were overly complex for what users would need in a new AI-driven era, prompting him to pivot.
This led to the creation of Athenic AI. Athenic utilises AI to perform data analytics for businesses, spanning all their data sources. Zhao, who serves as the founder and CEO, mentioned that Athenic’s tools act like a central nervous system for an organisation’s databases, accessible for all employees irrespective of their coding or data expertise.
Zhao (seen in the photo above, centre) explained that Athenic is adaptable, collaborating with companies to help its AI get acquainted with unique company “tribal knowledge”, KPIs, or internal terminology, thereby providing the AI with essential context for accurate analytics.
The AI-powered system generates data reports that include explanations of how the AI analysed the data, facilitating users to detect potential mistakes and give feedback to the AI model. Zhao acknowledged that this transparency aids visibility and noted that while striving for near-perfect accuracy is desired, human data analysts rarely achieve 100% accuracy themselves.
“Even if the system errs, it recognises potential inaccuracies, explaining to users why it might be mistaken,” Zhao stated. “This mirrors the role of a proficient data analyst. They deliver not just a report or chart but also an executive summary to guide interpretation and disclose their analytical processes.”
The company began its journey in 2022, releasing its product in Summer 2022. Athenic has since garnered clients ranging from burgeoning startups to major corporations like Additel and PMC. Zhao shared that while many smaller clients were secured via outbound sales, the majority of enterprise customers emerged from inbound interest.
Based in San Francisco, Athenic is now declaring a $4.3 million seed funding round headed by BMW i Ventures with backing from TenVC, Scrum Ventures, Stage 2 Capital among others. Zhao said these funds will focus on recruitment and advancing their technological capabilities.
“Currently, users query the system to extract the insights they desire,” Zhao elaborated. “We envisage a future where the data itself presents intrinsic insights to users, potentially before queries are made.”
Samantha Huang, a principal at BMW i Ventures, shared with StartupSuperb her unconventional introduction to Athenic. Her firm endeavoured to better understand the AI startup landscape by reaching out widely within the community for an overview.
Athenic stood out for assisting companies in tailoring AI models to include organisation-specific contexts and expertise.
“Many companies utilise standard, monetised foundational models, yet the challenge is that such models lack the intelligence to understand client-specific data environments,” she noted. “Jared innovatively combined a knowledge graph with foundational models, tackling this issue effectively.”
The data analytics sector is competitive and is likely to become more so as generative AI advances and companies aim to leverage AI for better data management. Databricks exemplifies this sector, having amassed over $19 billion in venture funding and achieving a valuation of $62 billion. Numerous data storage and optimisation firms could also expand into this area.
Zhao believes their emphasis on user experience and ensuring AI models understand organisational contexts differentiates them in the market.
“Too often, companies operate with incomplete information, even though all necessary data is available,” Zhao reflected. “Those in leadership often, not due to ignorance, are navigating without a full picture, a problem we passionately aim to solve.”