In its latest play aimed at infusing artificial intelligence into services businesses, venture-capital firm General Catalyst is setting its sights on the ho-hum aspects of information-technology.
General Catalyst is leading a $74 million investment in Titan, a holding company that says it aims to transform the mundane aspects of IT services with AI. Titan, which has about 10 employees, has already made its first acquisition and plans to purchase more IT services firms as it grows, say Co-founders Saurin Patel and David Heffernan.
Read More – Refold AI Raises $6.5M in Funding
In June, Titan acquired Richard Fleischman & Associates, or RFA, a New York-based company with about 250 employees that primarily provides IT services to financial services customers. RFA has more than 400 customers in multiple countries, Patel said. Venture-capital firms are known for focusing on tech innovation.
But some VC firms, such as General Catalyst and Thrive Capital, are finding opportunity among the staid corners of services businesses, from accounting and property-tech to, now, IT services. Also known as managed services providers, or MSPs, these companies provide IT support and manage tools such as software and cloud computing on behalf of their clients.
Read More – Celestial AI Closes $255M Series C1
