On April this year, Indian tech entrepreneur Bhavin Turakhia launched Neo, an enterprise work platform designed from the ground up for artificial intelligence, with a personal investment of $30 million. Turakhia, who has co-founded several companies including Directi and Zeta, is betting on the potential of AI to revolutionize workplace software. Based in Bengaluru, Neo combines project management, documents, file storage, and AI into a single product, aiming to make AI an integral part of daily work. Turakhia believes that existing software cannot be simply upgraded with chatbots, but rather needs to be redesigned from scratch to fully leverage AI capabilities.
With a team of 45 people, including 18 engineers, Neo has been in internal use across Turakhia’s companies, including Zeta, for the past few months. The company plans to roll out the software to mid-sized businesses in the coming months, targeting knowledge workers in technology, consulting, and professional services firms. Turakhia expects Neo to grow to around 100 employees by the end of the year, with most new hires focused on AI and software engineering.
Turakhia’s bet on Neo comes as enterprise AI has become a highly competitive area in technology, with major players like Microsoft, Google, and Salesforce embedding AI across their workplace software. However, Turakhia argues that even a small share of the global enterprise AI spending would represent a sizeable company, and he is confident that Neo can capture 2% to 5% of the market.
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📰 Source: TechCrunch