Adelaide ‘self-service decision analytics’ start-up Daitum has secured a $1 million investment from Australian venture capital firm Right Click Capital.
Daitum was named winner of start-up conference StartCon’s Pitch for $1 Million competition on Saturday. The firm’s director Ian Scriven said the cash injection would allow it to “rapidly grow the business and get our technology into the hands of more and more businesses”.
Daitum’s software-as-a-service platform combines artificial intelligence, machine learning, and automated optimisation to match enterprise decision problems to the best algorithms to solve it.
The company says the platform has applications in supply chain planning, asset management, production planning, workforce management, and inventory management.
“StartCon searched Asia Pacific, home to over four billion people, to find the top 600 startups in the region. Through regional finals in 15 cities across Asia in the past months we narrowed this down to the final 30 who competed on the weekend to narrow down to the final six on the main stage at StartCon,” said StartCon CEO Cheryl Mack.
The six finalists in the competition were: The Noisy Guts Project from Perth; Halal Local from Jakarta, Indonesia; Miro from Hong Kong; Frontier Microscopy from Adelaide; and FloodMapp from Sydney.
The money will also be used to develop Daitum’s proprietary technologies, the company said.
“Together with the other judges, we were thoroughly impressed by their founding team of PhD-qualified scientists who live and breathe AI,” said Benjamin Chong, partner at Right Click Capital.
“It’s wonderful to see an Adelaide-based company make it through to the grand finals of APAC’s largest pitch competition. We are proud to partner with StartCon, and look forward to finding and backing more great tech companies with founders who have big dreams,” Chong added.
This year’s Pitch for $1 Million competition yesterday received criticism from US-based Fenox’s Startup World Cup, which told The Australian StartCon had lifted its business model, concept and operational scheme.
StartCon had partnered with Startup World Cup to run a pitch competition in 2016 and 2017. This year, the partnership switched to Right Click Capital.
"We have been running startup conferences in Australia for nine years, delivering on our core goal and purpose of enriching the local startup community, and we are proud of our outstanding record of recognising excellence amongst Australian startups. For years, similar to many other startup events around the world, StartCon has had a pitch competition,” a spokesperson for StartCon said.
"Startup World Cup does not own the concept of a start-up competition or have the right to control how StartCon chooses to run its start-up competition in Australia. Nor does Fenox have a monopoly on pitch competitions,” they added.
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