CausaLens, a London-based startup, brings forth a no-code technology that introduces cause and effect into AI decision-making. The casual inference technology offered by the company doesn’t require a data scientist to introduce nuance, reasoning, or cause-effect sensibility into an AI-based system. causalens 45m 250mlundentechcrunch.
As a result of its out-of-box innovation and early success with its approach, the startup has recently announced a raise of $45 million. the growing revenues of CausaLens have been 500% ever since the foundation. The investment round was led by Dorilton Ventures and Molten Ventures. The round even had the participation of some previous backers like Generation Ventures and IQ Capital, along with some new ones like GP Bullhound. As per a source, with this raise, the company was valued at around $250 million.
CausaLens has a long list of customers and partners that includes organizations in healthcare, financial services, and government. The company caters to several other verticals, where its technology is used not only for AI-based decision-making but to bring in more cause-and-effect nuance when arriving at outcomes. Mayo Clinic is one of the clients of CausaLens that uses its technology to identify biomarkers for cancer and can give an illustrative example of how it works.
As per Darko Matovski, the CEO and founder of the startup, Human bodies are complex systems. Thus, applying basic AI paradigms can help find any pattern or find correlations of any sort. The technology offered by CausaLens has been applied in a less clinical way in the healthcare industry. Figuring out the exact reason helped the agency devise better strategies to get them on board. Several other customers in areas like financial services have been using this technology to create automated decision-making algorithms with respect to loan evaluations, etc. aibased 45m series insightlundentechcrunch.
While the previous AI technologies just introduced bias into the decision-making process and used historical data for the same. Even Hedge funds are using CausaLens to gain a better understanding of the market trend.