Pit Raises $16 Million To Help Enterprises Deploy AI At Scale

Pit’s founders believe enterprises can free up staff by automating business processes

Hugo Thambert

Competition in the artificial intelligence (AI) coding market continues to hot up. An industry worth around $4.9 billion in 2023 is expected to have grown five times’ over by 2030 according to a recent report from Grand View Research. Businesses and other organizations worldwide are increasingly using AI to do the lion’s share of their coding work, both for internal business processes and customer-facing products and services.

Swedish start-up Pit, which is today announcing it has raised $16 million of funding, is the latest entrant to this market. Its founders believe a focus on scalable deployments can set it apart from peers that haven’t necessarily thought about how to ensure code written with AI can be implemented effectively across the business.

Adam Jafer, Pit’s CEO and co-founder, says the business was born out of his experience at Voi, the micro-mobility company he previously co-founded and helped to run. Voi’s leadership team was an early adopter of AI for coding, developing a series of tools to manage the company’s workflows. But despite some impressive early results, “every deployment was bespoke, fragile and impossible to scale”, Jafer recalls.

He and his co-founders – with backgrounds at companies including Klarna and iZettle – therefore set out to develop something more practical. Pit is intended to be that something – a platform companies can use to bypass the labor-intensive processes that have automatically developed over time. Most companies function with a patchwork of manual workflows, spreadsheets and legacy SaaS tools, Jafer explains, forcing staff to waste time jumping between systems, moving information to the right place and constantly checking nothing has gone wrong.

“Every enterprise knows these friction points exist but fixing them has always seemed harder than working around them,” adds Jafer.

Pit’s value…

Source