Brookfield Tech Startup to Use New Funding for AI-Centric Product Development
by Milwaukee Business Journal
A Milwaukee-area tech startup that developed a custom sales analysis and forecasting software is planning to apply new investment capital toward artificial intelligence-based applications and product development.
Formerly called Basic Code, SAFIO Solutions, recently raised $435,706 from six investors, according to a filing with the U.S. Securities and Exchange Commission. Since launching in 2018, the company has raised $1.8 million, said president and founder Audrey Walby.
SAFIO (Sales Analysis Forecasting Inventory Optimization) is targeting e-commerce and consumer packaged goods companies as users of its forecasting software, Walby said. Most companies in those industries use Excel spread sheets, which she says can be time-consuming and laborious. Through their copyrighted software, SAFIO compiled a company’s sales and inventory data into a cloud platform.
Specifically, machine learning, a subset of AI, will be added to the software, Walby said. SAFIO recently completed version one of its software.
With the consumer packaged goods industry valued at $635 billion, Walby sees a huge market opportunity for her startup, which already has clients located on the coasts and in Wisconsin, she said.
“We’re very pleased so far with the traction we’re receiving,” Walby said.
SAFIO is currently a team of five, but Walby plans to add additional staff from the local talent pool later this year.