Austraian artificial intelligence (AI) and machine learning platform for decision augmentation SourseAI has secured $1.5 million in funding to negate “gut decision-making” in the media, telco and utilities sectors.
SourseAI CEO Matt Jones said the funds will be used to accelerate the development and scale of Sourse – the patented Augmented Intelligence Platform that applies industry specific machine learning models to the key decisions executives make every day.
“58% of executives that responded to a recent BI-SURVEY.com said they base more than half their decisions on gut. That’s an alarming figure when you consider the degree to which these decisions materially impact bottom and top-line results, and that’s why we built Sourse!” Jones said.
The capital raise was led by Aligned Equity, and Southern Cross Austereo (SCA) is an early investor and as an innovation-led company, will use the Sourse platform to discover audience behavioural insights, listener mood states and how to power dynamic cohorts, ultimately enabling a hyper-personalised experience across SCA digital platforms, including the recently launched, LiSTNR.
SCA Head of Digital and Innovation, Chris Johnson, said: “The key advantage of developing LiSTNR within SCA is our ability to determine our own future, and we’re leading the market by investing in local, high performance, deep technology partnerships that can accelerate our roadmap.
“Our investment in SourseAI allows us to deliver a deeply personalised listening experience to consumers, based on consumption habits and context. It also enables us to gain a rich understanding of our audience’s behaviour, enabling us to continue to create market leading advertising solutions.
“The AI and Machine Learning space is scaling rapidly, and we believe that investing in the Australian entrepreneurial ecosystem to support of our digital audio ambitions is the best strategy. SourseAI is the right partner to deliver on our vision and our investment will provide significant long-term value to both parties.”
SourseAI CEO Matt Jones said “the Sourse Platform is ideal for SCA and that it will boost the use of augmented intelligence in strategic decision making across the SCA teams, driving hyper-personalisation of content to audiences across SCA’s digital experiences.”
“Sourse’s mission is to apply our patented machine learning algorithms to enhance the experience for SCA audiences using a whole range of data. This includes understanding the tastes and behaviours of every single listener on SCA platforms. Then, using our advanced recommendations and personalisation algorithms, we can ensure the right content is surfaced in each individual listener’s feed at any time they engage in the app.
“Machine learning models make it possible to drive the key media metrics of frequency of engagement and time spent. By personalising the experience with Sourse, SCA will dramatically improve these metrics, resulting in a more engaged audience, and delivering improvements across both advertising targeting and advertising yield. It’s better for the listener, better for SCA’s clients and ultimately better for SCA,” Jones said.
In addition, Jones said SCA will leverage other Sourse capabilities such as Forecasting and Anomaly Detection to understand growth across content genres, predict seasonal content scheduling peaks and troughs, and to explore changing content tastes, enabling SCA to develop content that is “truly relevant to its audience’s ever-changing tastes”.
“The Sourse platform ensures SCA can stay ahead of the pack and continuously innovate by making data-informed strategic decisions that can deliver savings and grow revenues through new and innovative content strategies that Sourse identifies as having substantial consumer interest,” Jones said.
“In previous implementations of the Sourse recommender for an OTT media broadcaster, Sourse delivered growth of more than seven times the monthly audience engagement and extended average watch time per user per month from eight minutes to more than 45 minutes.
“A combination of these metrics indicates a more satisfied audience and ultimately a multiplying impact in ad revenues,” Jones concluded.
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