1982 Ventures is leading a fundraising round for YäRKEN, an artificial intelligence (AI) native information technology (IT) financial management (ITFM) platform for enterprise clients.
With this investment, YäRKEN will be able to expand its clientele throughout North America and enhance its AI capabilities, the company announced in a statement on Tuesday.
The statement claims that the money will support Yarken’s upcoming expansion.
In order to support this growth, the company intends to scale its operational capacity, advance its AI capabilities, and aggressively increase its customer base throughout North America.
Expanding on the achievements of international SI collaborations. In order to increase its market reach and improve its service offerings, Yarken is also looking into forming more strategic alliances with important industry players.
“Our years delivering software to large global enterprises showed us Chief Investment Officers (CIOs) are struggling to manage sprawling IT infrastructure costs with legacy solutions and spreadsheets that are inflexible, slow to deploy, and expensive to maintain. We knew how to solve this by leveraging AI,” said Ravi Kuppan, Yarken Chief Executive Officer.
He claims that any IT system’s data, regardless of format, can be ingested and analyzed by Yarken’s native AI.
Thus, the firm’s clients obtain thorough, actionable cost insights months ahead of their rivals, regardless of whether they are tracking hardware assets, software licenses, or cloud spending.
He added that businesses can improve IT governance and maintain compliance by using Yarken’s platform, which offers thorough audit trails and cost transparency.
“We’re just getting started. This investment enables us to deliver even more value to our customers and partners as we redefine how enterprises manage IT spend,” he added.
According to Business Research Insights, the ITFM market is expected to reach $14 billion and grow at a rate of 12.7% annually between 2025 and 2033.
The need for solutions to efficiently manage and forecast complicated cloud and on-premises investments, as well as to manage software licenses and usage across multiple business units, is what is driving this growth.
Implementation times are shortened, average cost reductions of 15% to 25% are achieved, and ongoing maintenance hours are drastically decreased by up to 50% with Yarken’s AI-native approach.
“Many CIOs are faced with the competing mandates of reducing costs while continuing to invest in new systems,
“Yarken’s AI-native platform gives CIOs full visibility on their tech spend, with integrated forecasting and benchmarking that produce actionable insights, including rapid IT planning capabilities, allowing for proactive budget adjustments that the business can collaborate on. The solution pays for itself,
“Yarken is the only platform that integrates all areas of IT financial management and cloud operations with native AI, allowing enterprise clients to achieve faster time to value,” said James Kim, Operating Partner of 1982 Ventures and former Managing Director at Accenture.
