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On today’s Business Beat, Jeff discusses the significance of DeepHow’s work and its recent financial windfall.
Tune in to the Business Beat, below, to learn more about DeepHow’s unique approach to AI-powered training:
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Good morning, Paul!
We’ve got another hot startup emerging in our region. This one known as DeepHow, founded in 2018, now with offices in Detroit and Royal Oak, provides customers, in this case businesses, with AI-powered learning and training videos to help train their manufacturing workforce. All in a unique approach in which the company’s AI technology called Stephanie analyzes video of skilled workers performing various complex tasks.
And then they identify the steps and create a step-by-step training video for the clients to use, to either onboard new workers or retrain current ones. And this hot company has just closed on $9 million in new venture capital funding, interestingly all from out-of-state VC firms, to bring their total funding now to $13 million raised.
According to DeepHow, the funding will be used primarily on scaling its presence globally, as well as to focus on selling to smaller size businesses that also need the service that they sell. This latest round of funding was led by Silicon Valley venture firm Sierra Ventures and others and brings $9 million of new venture money into the state of Michigan. And that in and of itself is very exciting for the state of Michigan.
Sam Jang, cofounder and CEO of DeepHow, and a press release from the company said that the added capital helps the company shift away from providing its tools only to larger enterprise clients and will position them now to be able to move down market toward the scores of smaller manufacturers needing their services as well.
I’m excited about the prospects of this company, Paul. They’re a B2B company, meaning they sell to businesses and that’s certainly generally easier than selling to masses of consumers. They’ve got unique technology and their business model is proven based on their million dollars plus in annual revenue and growing.
And they’ve got a really experienced team capable of taking this one to the next level. Congratulations to the team at DeepHow! We’ll be cheering you on. I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.