Artificial intelligence (AI) customer behaviour company Xineoh will use a $1.5-million equity investment completed in December to grow its engineering and marketing and sales teams to sustain its growth, says Xineoh CEO Vian Chinner.
Xineoh’s engineering team grapples with complex data and analytics challenges, including the vast number of permutations of successive analyses, and the data problems – albeit temporary – this creates. For example, the transient data retained from an analytics cycle could be greater than what one machine can store, necessitating the creation of another layer to manage the temporary storage and management of this transient data.
“Our engineers are at the heart of our capabilities. Given the complexity of the work they are doing, we believe that expanding the team will enable us to develop more capabilities and meet customer-specific demands more easily and quickly. We will grow the sales and marketing team to improve our reach into addressable and potential markets.”
The company uses complementary, AI-orchestrated algorithms to mine data to determine latent variables, which are unrecognised or unknown to the company and affect sales patterns. This information is valuable to reduce warehousing and inventory costs, as well as to enable companies to increase their margins by stocking products that are in high demand in that area, season or market segment.