Aito raised $1.1M from First Fellow Partners, Hermitage, UMO Capital and Futurice
Aito, a Helsinki, Finland and London, UK-based company working on a SAAS for predictive databases for software developers, announced closing in a €986k ($1.1M) pre-seed funding round.
The money round was closed in April 2019, and included Nokia's Chairman Risto Siilasmaa, through his investment company First Fellow Partners, Hermitage and Umo Capital. Business Finland, AC Odiseado, Leoppi Enterprise, Aito’s co-founders and existing investor Futurice contributed also to the financing.
In connection to the deal, Lawrence Chu has joined Aito’s global advisory board. Funding will be used for go-to-market and further R&D.
Aito, founded in 2018 as a spinoff from Futurice by CEO Vesa-Pekka Grönfors, Kai Inkinen and Antti Rauhala, built a generic predictive database that can make available queries for existing information, predict the future, find hidden correlations, and explain the results. The product is intended to be commercialized as a white label solution for machine learning intelligence, integrated into the user’s software as easy as integrating an SQL query.
Aito has 9 employees and made its software available in private beta. Prior to this transaction, the company raised about €500k.