Bellevue, Wash.-based Kurvv, which sells AI tools that predict equipment failure, is being acquired by Aizen, an AI-focused fintech startup based in Singapore.
“The economic downturn that started during the deal process didn’t make things any easier,” CEO and co-founder Ryan Lee told Startup. “But the capabilities Kurvv had built and what Aizen needed was a natural fit.”
Kurvv sells AI tools that businesses can plug into their machines to predict future equipment breakdowns. During the pandemic, the startup pivoted from selling pre-trained AI models designed for small businesses.
The companies did not disclose terms of the deal. Kurvv will no longer keep its branding, according to Lee. Aizen will use the tech to boost its AI capabilities.
The only funding that Kurvv raised came in 2019 when it announced a $1 million seed round led by SEMA Translink Investment, a Korean-American venture capital firm. SEMA also led a $4.2 million Series B round in Aizen in 2020.
Lee left his post as a data science program manager at Microsoft in 2019 to start Kurvv, drawing upon more than 15 years of experience in product management. He was joined at the time by Vince Roche, who served as the startup’s CTO for nearly two years before departing in March 2021. Jeff Croft, who previously worked in Microsoft’s business development and strategy division, is also listed as a co-founder.
Founded in 2016, Aizen sells AI banking-as-a-service tools to financial institutions. It raised a total of $9 million and has 21 employees, according to LinkedIn. Following the acquisition, Kurvv’s five employees will not transfer over to Aizen. Both Lee and Croft served as interim executives at the company.