Insider Brief
- ON, formerly GameOn Technology, has announced a $25 million funding round, increasing its total funding to $80 million, to help enterprises and brands productize generative AI chat.
- The company plans to expand its successful AI chat platform from sports to e-commerce, consumer banking, healthcare, and publishing.
- ON’s platform is already used by luxury lifestyle brands like Valentino and Armani, and major sports teams such as the New York Yankees and Philadelphia 76ers.
PRESS RELEASE — SAN FRANCISCO/December 6, 2023 /PRNewswire/ — ON — formerly GameOn Technology — today announces a fresh funding round and an updated mission to help enterprises and leading brands productize generative AI chat. The company’s established leadership position in the AI chat ecosystem, coupled with the growing marketplace excitement for generative AI, prompted a strategic $25 million funding round, bringing the total funding raised to $80 million. Notable participants in the round include Equiam; B3 Capital; Commonwealth Financial Network; and Mirae Asset Venture Investment, which previously co-led the company’s Series B.
Under this new brand — and with strategic capital to deploy — ON is gearing up to leverage its success in the sports sector and expand its footprint in e-commerce, while also diversifying into consumer banking, healthcare, and publishing. Recognizing the paradigm shift of mobile interactions fueled by conversational AI, the company plans to initiate a new era of chat, powered by the platform’s ability to seamlessly integrate generative AI for businesses. Partners will benefit from more access to end markets and consumers via the chat, simplifying the process of productization while enhancing customer interactions.
A recent survey conducted by ON among senior-level enterprise decision-makers found that 88% plan to increase investment in conversational AI, but 24% of those using the technology were unsuccessful in monetizing it. The survey findings also saw data security as the top concern for decision-makers and stakeholders at enterprises actively using LLMs. With these findings in mind, ON’s ambition is clear: construct the world’s premier vertical AI/SaaS platform to immediately empower leading global brands with the tools and expertise needed to monetize generative AI and operate it within secure guardrails.
ON boasts an extensive portfolio of partners that include luxury lifestyle brands such as Valentino and Armani. Additionally, some of the most renowned major league sports teams worldwide, including the New York Yankees, Las Vegas Raiders, and Philadelphia 76ers rely on the ON platform to connect with their fan base on a deeper level.
“ON has been a trailblazer in innovation, turning conversational AI into a potent revenue-generating asset. As we embrace our new identity, we are thrilled to embark on a journey that will significantly amplify our influence within the generative AI space,” stated Alex Beckman, CEO and co-founder of ON. “Companies have poured substantial resources into AI research and development, often without a clear path to effective implementation and monetization. With the ON platform, businesses spanning diverse industries can now confidently establish deeper and more impactful connections with their consumers.”
“We are excited to continue to invest in and partner with ON as its rebranding marks an exciting new chapter for the company, positioning it at the forefront of generative AI solutions for brands across various industries,” said Justin Kim, executive director at Mirae Asset Venture Investment. “With a fresh vision and a proven track record, ON is poised to redefine how brands harness the power of AI.”
For more information, visit us at ONplatform.com.
About ON
ON is a leading AI chat platform designed for enterprise-level use, known for seamlessly powering generative AI experiences used by some of the world’s largest and most well-known brands. Established in 2014 and headquartered in San Francisco, the ON platform enables its partners — including Valentino, Armani, teams from the NBA, NFL, NHL, and more — to create new and sustainable revenue streams backed by AI while connecting with their customers and fans. Founded by successful entrepreneurs Alex Beckman, Kalin Stanojev, and Nate Simmons, the company secured $80 million in funding from prominent venture capital firms such as Mirae Asset Venture Investment, Equiam, B3 Capital, Quest Ventures, and Commonwealth Financial Network.
CONTACT: [email protected]
