In a big step towards enhancing trust and governance in enterprise AI, Illumex has announced raising $13M in seed funding. This round, led by Cardumen Capital, Amdocs Ventures, and Samsung Ventures, with additional backing from ICI Fund, Jibe Ventures, Iron Nation Fund, Ginnosar Ventures, ICON Fund, Today Ventures, and several other outstanding angel investors, will empower Illumex to tackle fundamental data challenges that hinder generative AI (GenAI) initiatives.
Illumex, headquartered in Recent York, focuses on Generative Semantic Fabric for structured enterprise data. Their progressive platform serves as an intermediate layer, reconciling data silos and adding context and intending to data, thereby enabling reliable and transparent AI initiatives. The corporate’s cutting-edge technology automates the creation of a semantic layer that unifies data silos and generates a consistent vocabulary of domain-specific terminology.
Tackling Data Challenges
With the rapid adoption of GenAI, two-thirds of organizations are actually utilizing this technology, as per a recent McKinsey survey. While GenAI is significantly contributing to business value, some organizations have reported it accounting for as much as 10% of their bottom lines. Nonetheless, concerns concerning the accuracy and risks related to GenAI are growing, with nearly 1 / 4 of organizations experiencing negative consequences.
Existing solutions like retrieval-augmented generation (RAG) enhance accuracy by providing enterprise data for AI models. Nonetheless, RAG faces challenges, especially with structured data, requiring continuous manual maintenance and failing to make sure a single source of truth or accurate responses from large language models (LLMs). Unstructured data, like text documents, naturally has semantic meaning, but structured data lacks this context, resulting in ambiguities and inconsistencies across enterprise data sources.
Illumex’s Revolutionary Solution
Illumex addresses these challenges by utilizing generative AI to mechanically discover, map, and add semantic intending to structured enterprise data. Their platform analyzes metadata—without accessing sensitive information—to create a unified semantic knowledge graph. This graph acts as a single source of truth, aligning all data with consistent business terminology and context.
By mechanically constructing a domain-specific ontology, which formally defines the entities, properties, and relationships representing a company’s knowledge structure, Illumex enables consistent, contextually relevant data interactions across the enterprise. This foundation allows LLMs to reliably map user inquiries to relevant data points, delivering accurate results while ensuring proper governance.
Trusted by Leading Enterprises
Illumex’s platform is already in use by major enterprises like Teva and Carson, helping them achieve data AI readiness. Moreover, Illumex has forged partnerships with industry giants similar to Microsoft, Google Cloud, and AWS.
Inna Tokarev Sela, Founder and CEO of Illumex, emphasizes the importance of solving fundamental data challenges for enterprise AI success.
Empowering Decision Intelligence
Illumex’s Generative Semantic Fabric streamlines the complex strategy of mapping data semantics and resolving terminological inconsistencies across business silos. That is crucial for achieving AI and GenAI readiness. By enabling transparent and governed data interactions with LLMs, Illumex opens up transformative enterprise use cases for generative AI. Their domain-specific generative AI engine offers a hallucinations free, ChatGPT-like experience that business users can fully trust, making organizational LLM prompting smooth, governed, and customised.
Transformative Enterprise Use Cases
The platform automates the creation of a unified business data language, significantly reducing the time needed to seek out and utilize data effectively. It recommends optimal data usage, enables live collaboration, and brings trust to each analytics iteration. Illumex also provides suggestive data and analytics utilization monitoring, notifying users of duplication efforts, conflicts, and data misuse through live alerting and proposals. This helps address issues like data chaos and energy duplication, which damage the reliability of analytics.
Moreover, Illumex automates knowledge documentation, ensuring every analytics effort is documented, certified, and trackable. This addresses the issue of “tribal knowledge” inside data teams, where helpful information often leaves with departing employees.
A Vision for the Future
Illumex envisions a world where generative AI allows organizations to unlock the complete potential of huge data for decision intelligence. By contextualizing organizational knowledge, Illumex helps achieve data democratization with trust and efficient ROI. Their platform supports enterprises in activating their data culture and digital transformation initiatives, making the info practice immediately smarter.
Illumex‘s success in securing $13M in seed funding is a testament to the growing need for robust, reliable AI solutions within the enterprise space. With their progressive Generative Semantic Fabric, Illumex is poised to revolutionize how organizations interact with and leverage their data, ensuring that AI initiatives are trustworthy, governed, and ultimately successful.
