Data Science Wizards Secures $1.4M Seed Funding, Launches AI Solution for Insurance Industry

Data Science Wizards Secures $1.4M Seed Funding

Data Science Wizards (DSW), an AI innovation company based in Thane, India, has successfully raised $1.4 million in seed funding from undisclosed investors. This latest investment follows a pre-seed round of $450,000, bringing the company's total valuation to $16.4 million 1

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UnifyAI: The Core Technology

At the heart of DSW's offerings is UnifyAI, a deep-tech AI platform designed to accelerate enterprise-level AI adoption. UnifyAI aims to streamline the process of taking AI/ML and GenAI use cases from concept to production, offering significant benefits to businesses:

• Up to 60% reduction in development costs
• 60-80% faster production timelines, reducing months of effort to 3-4 weeks 1

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Sandeep Khuperkar, CEO and Founder of Data Science Wizards, emphasized the platform's capabilities: "UnifyAI is a game-changer for enterprises looking to fast-track AI adoption. Our platform takes AI/ML and GenAI use cases from concept to production with confidence, predictability, and scale." 1

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Introducing insurAInce: AI Solution for the Insurance Sector

As part of its growth strategy, DSW is launching 'insurAInce', a tailored AI solution for the insurance industry. Built on the UnifyAI platform, insurAInce leverages pre-learned models and specialized tools to address unique challenges in the insurance sector, including:

1. Enhanced risk management
2. Improved operational efficiency
3. Accelerated innovation 1

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The solution enables rapid implementation of AI and GenAI use cases within weeks, focusing on key areas such as claims processing, risk assessment, fraud detection, and customer engagement. insurAInce is designed to integrate seamlessly with existing legacy systems, allowing insurers to adopt AI without disrupting ongoing operations 1

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Industry Recognition and Compliance

UnifyAI has garnered support from industry leaders, including Canara HSBC Life Insurance, Manipal Cigna, and Castler. Mr. Ritesh Rathod, Chief Strategy and Data Officer at Canara HSBC Life Insurance, praised the platform: "UnifyAI has truly transformed the GTM at Canara HSBC Life Insurance with respect to creation and deployment of analytical models." 1

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To ensure the highest standards of security and regulatory compliance, UnifyAI is:

• ISO 27001 certified
• SOC II Type 2 compliant
• Expected to achieve HIPAA certification by October 2024 1

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Future Plans and Market Expansion

DSW plans to utilize the new funding to further develop and enhance the UnifyAI platform and strengthen its team. The company has ambitious plans to expand its offerings:

1. Introduce domain-specific solutions built on UnifyAI for banking, telecom, retail, and manufacturing sectors
2. Continue to improve the scalability and adaptability of UnifyAI for enterprise-level AI adoption 1

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Company Background and Previous Investments

Founded in 2019 by Sandeep Khuperkar, Pritesh Tiwari, Shivam Thakkar, and Sandhya Oza, DSW primarily offers AI and data analytics solutions and consulting services to help enterprises with data-driven decisions. In 2022, IT services and consulting company Clover Infotech acquired a 25% stake in DSW for INR 15.22 Cr, aiming to enhance DSW's capabilities in automation, insights discovery, and smarter decision-making 2

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As the B2B AI space in India continues to attract investor attention, DSW's latest funding and product launch position the company as a significant player in the rapidly evolving AI solutions market for enterprises.