Scavenger AI Raises €1.1M in Pre-seed Funding Round

German startup Scavenger AI has secured €1.1 million in a pre-seed funding round. The startup, which offers data analytics and AI solutions, plans to use the funds to expand its team, develop infrastructure, and launch its software on the market.

Investors Support Scavenger AI’s Mission

The funding round was led by High-Tech Gründerfonds (HTGF), with contributions from Calm/Storm Ventures, Femventix, and the B4i Fund. The company was founded by Felix Beissel and Maximilian Hahnenkamp, who expressed their pleasure at having such recognized investors onboard. They stated that the support would aid in their mission of helping companies make the best data-based decisions.

The Need for Data Analysis Innovation

Scavenger AI was founded in response to a common problem - companies having large amounts of data but lacking the resources to analyze it effectively. The startup has thus focused on innovating to align with today’s technological landscape. It has developed three proprietary AI tools to swiftly address companies’ data issues. These tools cleanse data, automatically perform statistical analysis based on user queries, and present the analysis in simple language. All mathematical results are displayed on a dashboard.

About High-Tech Gründerfonds (HTGF)

HTGF finances tech startups with growth potential and has supported over 700 startups since 2005. With the launch of its fourth fund, HTGF now manages roughly €1.4 billion. The fund focuses on high-tech startups in digital tech, industrial tech, life sciences, chemistry, and related business areas.

Kilian von Berlichingen, Senior Investment Manager at HTGF, stated that Scavenger AI was on the right path to revolutionizing how companies can gain unbiased insights from their data. He was particularly impressed by the technical solution, which already creates significant value for their customer base.