Management: Paul Stillmank, founder and CEO
Headquarters: Milwaukee
What it does: Offers consulting providers centered on AI and knowledge modernization
Based: 2023
Staff: 8
Subsequent Targets: Attain between $7 million – $8 million in income subsequent 12 months, develop to 30-plus workers
Funding: $3.5 million seed spherical
When native tech entrepreneur Paul Stillmank’s firm 7Summits was offered to IBM in 2021, he stayed on with the corporate for a couple of 12 months. After stepping down from his position final Might, he thought he’d haven’t any scarcity of actions to fill his time.
“I’m a little bit of a romanticist,” Stillmank mentioned. “I oil paint. I draw. I’ve obtained form of a left-brain-right-brain factor happening. There’s a whole lot of musical devices filling my room proper now. I can fill my time.”
So, what prompted him to begin a complete new firm solely centered on synthetic intelligence? It was partly as a consequence of a e-book referred to as “Youthful Subsequent 12 months” by Chris Crowley and the late Dr. Henry S. Lodge. After studying the e-book, which affords readers recommendation on sustaining good well being and youthfulness, Stillmank was reminded of the significance of mind chemistry.
“Sitting round doing my fly fishing actually was an amazing respite, nevertheless it’s not making me assume actually arduous,” he mentioned.
At one level, Stillmank thought-about opening a sequence of bakeries that may make use of individuals with disabilities, however he determined to stay with the trade he is aware of finest. The timing of the 7Summits sale together with the mounting AI buzz that arrived initially of 2022 additional solidified his option to discovered 7Rivers.
“I at all times knew that knowledge and AI performed properly collectively,” mentioned Stillmank. “I knew there was an thought there to assist corporations.”
7Rivers helps enterprise leaders establish the potential for worth of their knowledge and rework it into AI-based options. The aim of the startup is to assist companies perceive the newest developments in AI and machine studying by utilizing their very own knowledge. 7Rivers is partnering with Snowflake, a Montana-based knowledge cloud firm.
7Rivers will be capable of faucet into Snowflake’s knowledge cloud and use it to construct customized options for shoppers. For instance, utilizing AI to research manufacturing knowledge, a producing firm can optimize provide chain effectivity, predict tools upkeep wants and tailor manufacturing runs, in the end lowering prices and maximizing output.
“There’s a whole lot of tens of millions of {dollars} going into startup corporations creating AI-driven merchandise proper now,” mentioned Stillmank. “Who’s going to advise organizations on what to do for his or her enterprise?”
7Rivers will initially goal companies within the monetary providers and insurance coverage industries, together with producers.
Stillmank mentioned 7Rivers will generate worth by creating sensible purposes for shoppers and letting them construct their very own massive language fashions utilizing their very own knowledge. All that knowledge will stay personal for every shopper.
“Lots of people ask us, ‘Ought to we simply wait to have a look at AI?’ And our recommendation is AI is transferring so quick, you may’t afford to attend,” he mentioned.
7Rivers has already raised $3.5 million in seed funding and Stillmank expects the corporate to succeed in profitability inside 18 months.
