Seattle-area startup Summation has come out of stealth with $35 million in funding from Benchmark and Kleiner Perkins, aiming to remodel how executives make high-stakes enterprise selections.
Based in 2024 and primarily based in Bellevue, Wash., Summation describes itself as a “decision-grade AI platform” that helps enterprise leaders draw insights from massive volumes of inner knowledge.
Summation’s platform sits on prime of information methods and runs huge calculations robotically, testing completely different situations and utilizing AI brokers to discover completely different questions in parallel. The software program additionally automates monetary reconciliations, variance evaluation, and administration reporting.
The corporate is led by CEO Ian Wong, co-founder and former CTO of actual property large Opendoor and Sq.’s first knowledge scientist.
Wong recalled strolling into exec conferences at Opendoor with dashboards and spreadsheets, solely to be hit with questions equivalent to “why did this variation,” or “what ought to we do subsequent?”
“Weeks later we’d have a solution, however the alternative to behave was gone,” he wrote on LinkedIn. “The frustration wasn’t simply the lag. It was figuring out these questions mattered most. The why and the what-next weren’t particulars — they have been the strategic insights that ought to have modified the trajectory. That’s the hole Summation is constructed to shut.”
Summation didn’t reveal income metrics or variety of clients, however mentioned its platform has helped Fanatics uncover greater than $10 million in progress and financial savings alternatives whereas reducing reporting cycles.
Summation is a part of a rising cohort of AI startups that transcend reporting and analytics, leveraging the most recent LLMs and different AI-powered software program to immediately form strategic decision-making.
Wong co-founded Summation with Ramachandran “RC” Ramarathinam, who led Opendoor’s core transaction platform. The staff has grown to about 40 workers, with a majority in individual on the firm’s Bellevue workplace.
Benchmark led the the corporate’s seed spherical, and Kleiner Perkins led the A spherical.
Board members embody Chetan Puttagunta of Benchmark and Josh Coyne of Kleiner Perkins.
“Each main know-how wave has required a rethink of enterprise infrastructure,” Puttagunta mentioned in a press release. “Summation is that rethink for the AI period — surfacing insights and answering strategic questions that even the very best analysts miss.”
