Iterite, a Tampa Bay Area-based startup, recently received $1.3 million in a pre-seed round led by the New World Angels Innovation Fund.
The pre-seeding round helps startups get the initial funding to realize their products and services.
Over 30 investors participated in the round.
Founded by Alex Brodsky, the company has developed an innovative artificial intelligence platform that helps guide executives through investment decisions.
As a “growth management system,” Itlight offers real-time insights while enabling leaders to track their investments.
Company executives can outline business goals within the platform, connect them to data sources, and measure whether they are reaching their goals.
Brodsky wanted to create a unique place where leaders could see if their goals were met. Iteright's AI software analyzes all data and tells management whether the strategy is working.
“all [the AI does is] Get the actual data and turn it into plain English. [because] If you see a chart that contains all these numbers, it will hurt your head. We're going to change the language of business that needs to make decisions,” he said.
“We use AI to understand crazy amounts of data.”
Brodsky hopes Iteright can replace expensive consultants and help management make informed and calculated choices in a timely manner.
After working as an operating partner for more than two years at St. Petersburg-based Orchid Black Growth Consultants, Brodsky wanted to find a way to help businesses grow more effectively.
He recognizes that companies spend a lot of time and resources on projects and strategies, and ultimately lost important capital.
“No one wants to read the 15-page report of my analysis. Do they want to know that it will make me or lose me?
“It was a really difficult analysis. I had to create these crazy algorithms… AI is the only way to make this possible. This could not exist five years ago.”
The ultimate goal of software is to ensure that all company funds are used to drive measurable growth.
It is important to determine the outcome of your decision, Brozky said. Not every project is successful, and companies can no longer pursue every idea.
Brodsky believes Iteright highlights what's best for your business.
“It's political too often,” he explained. “If your ideas aren't working on for a year or two, people feel they don't matter, and that's not about it.
“It's not that you're working on your ideas personally. It's about the growth of our company. It's about us becoming successful.”
Since its launch in January 2024, 17 corporate customers have begun implementing Iteright.
One customer, a leading healthcare company, used AI tools to analyze ideas from 400 projects and determine which projects were most effective. Iteright's algorithm was able to identify six most growth-centric projects based on goals.
Brodsky and his team designed a 30-day pilot program to educate new clients about how they can introduce them to the software and help them grow their business.
They hope to have 100 clients by 2027.
Iteright is a member of Embarc Collective, a platform and incubator designed to help founders of Florida startups.
For more information, please see iteright.com
