iLearningEngines is an AI software company that began trading today on the NASDAQ under the ticker symbol AILE. Joining me now is iLearningEngine’s CEO Harish Chidambaran. Harish, thanks so much for joining us and congratulations. Very exciting day for you.
Harish Chidambaran (0:19):
Yeah, thank you so much Caroline. A pleasure to be on your show. A very exciting day. Uh you know for a team. Uh, you know, it’s been a pretty long and exciting journey and, you know, could not be prouder of a team that we have in place. That’s really done some great things, so it’s I think, a beginning of a great journey ahead.
Caroline Woods (0:42):
All right. Well, I want to talk to you about the timing of all of this. And just a second, But first tell us what sort of learning iLearningEngines is focused on.
Harish Chidambaran (0:53):
Right. So Caroline iLE is a an enterprise AI platform that helps organizations make better use of their institutional knowledge and data to drive various mission control outcomes. You know, so companies use our platform to both automate the learning processes inside an organization as well as other work functions. Uh, so, uh, at the end of the day, we help companies make better use of their data and knowledge. So areas where knowledge can impact outcomes. That’s the area where we play in.
Caroline Woods (1:30):
How big is the AI, the market for AI software in this world, especially for learning for organizations.
Harish Chidambaran (1:40):
Right So I think we are really, we play at the intersection of three pretty large markets. I would say one of the broader global AI market, which is, you know, really a market at scale over $100 billion and also at the intersection of the broader global learning market, which is another very significantly big market, and the third one is really in the area of enterprise hyper automation. So these are all areas that are very big and also really areas that are growing very very fast. You know, you think about the AI market today. Uh, you know, and it’s really predicted to grow at about 25% year over year, So this is a very exciting area right now.
Caroline Woods (2:22):
Help me understand? What did companies do for this before your technology came about? Is this something that people actually did? And I ask that just because there is this concern that AI is replacing jobs, and there are a lot of company executives that say no, it’s not replacing, it’s elevating, but Is it replacing?
Harish Chidambaran (2:44):
I think in the area that we play in, which is really in the area of learning and work automation we’re really creating way more opportunities. You know what we are able to do with our platform is to scale the footprint of learning and work inside organizations, You know, companies have historically been, uh, you know, drowning in data and content and been dealing with poor outcomes. And really, a big challenge for them is how do they make better use of their knowledge, and really, a platform like ours really helps them put autonomous learning, as well as autonomous work functions. So as the system to get deployed, they tend to get better and better over time. And so, from our standpoint, we think this is a huge productivity enhancer. We are in 12 verticals today, ranging from Education, Healthcare, Oil and Gas, Insurance, etc. And really in each of these places, Uh, Caroline, we have, uh, enterprise specific models, So you know, we’ve heard a lot about this enterprise language models, and there is a very exciting space. But really, AI is much more than just a language model. Our models are able to actually perform work function. They can make decisions. And you know and improve performance. And so really, this is really a area where, for example, if you’re in insurance, you would have things like claims intakes or claims processing and these are out of the box capabilities that we are able to provide to an organization. And today they don’t have the scale to deal with this. So if you are a company and you’re dealing with hundreds of thousands of invoices coming in, a system like this really allows you to, uh, you know, improve the throughput of what took days to process, today can be done in a matter of minutes. So it really from what we have seen in every It’s really a great, uh, enabler. And so you know, companies are able to get much better ROI and really, uh, hire more. And so, you know, I’m very much of the belief that, uh, helping improve the way people and organizations learns, really creates many more opportunities from a job standpoint for companies.
Caroline Woods (4:58):
I also want to ask you about the timing of this because we haven’t seen a whole lot of IPO’s given this higher rate environment. Rates are still high, but we’re starting to see some signs of life. Why is now the right time to go public?
Harish Chidambaran (5:11):
From our standpoint, we have been, uh, an AI company at scale. You know, we are, You know, for the last five years, we, uh four years we went up a profitable high Growth AI company at scale and really for us, we think this is the right time for us to be in the market. We think, uh, there’s a huge demand for a pure play AI company in the market, but beyond that, really, for us, we have been focused on executing. We have a very strong product market fit. One of the big areas for an AI company has been. How do you identify use cases for the enterprise? That’s the code that we have cracked really well, so we see an enormous opportunity ahead. And you know the choices that came to us, and we’ve been thinking about the right time to go public was, you know, we thought about doing something a couple of years ago. But really, from our standpoint, we think the big opportunity is to go at the beginning of an upmarket and at the end of an upmarket so I think for us, you know, this is a long term journey. We think this is a You know, we’re all in it here, uh, over the long term, and I think we felt the time was right to do this.
Caroline Woods (6:21):
All right. Congratulations on going public, Harish Chidambaran CEO of iLearningEngines. Keep an eye on AIE. Thanks so much.
Harish Chidambaran (6:31):
Thank you very much Caroline for having me.
