Jaxon, Inc. Receives $100,000 START Award From MassVentures
BOSTON, June 9, 2022 (Newswire.com) - Jaxon, Inc. ("Jaxon"), an AI company developing breakthrough machine learning technology to speed up the human-machine collaboration process, was selected as a recipient of a START award from MassVentures, which funds deep tech startups based in Massachusetts. This Stage I START funding was awarded on the heels of Jaxon's $750,000 SBIR Phase II grant from the U.S. Air Force to implement AutoSpec, an interactive AI-driven design studio that utilizes machine learning models and data as building blocks to create custom AI applications.
"We are very pleased to have this support from MassVentures for our efforts to commercialize the AutoSpec product," said Scott Cohen, founder and Chief Executive Officer of Jaxon. "With AutoSpec efforts in full swing, we are excited about the next phase of our company's growth."
About Jaxon, Inc.
Jaxon is unlocking the power of AI for every corner of the organization. With rapid prototyping as our core focus, users train custom AI models and quickly iterate to find the winners. Using AI itself, Jaxon automates bottlenecks around data prep and model training. With "just enough" human supervision, auto-labeling, and configurable AutoML, models go from hypothesis to production-ready in days vs. months.
Jaxon is one of the first to offer a "coding optional" platform that allows analysts and data scientists to collaborate on model training, align requirements, and iteratively validate model performance. Supported by techniques such as weak supervision, transfer learning, and unsupervised data augmentation, Jaxon-trained models are built faster with a higher confidence in the "ground truth." In a recent benchmark, Jaxon-produced models had 33% less error, with over 90% less human time.
The MassVentures START program helps deep tech startups convert their Small Business Innovation and Small Business Technology Transfer research (SBIR/STTR) into businesses and jobs in Massachusetts. Over 11 years, MassVentures has granted $31.2 million to 105 companies that have gone on to raise more than $2.5 billion and employ more than 3,000 people in the Commonwealth.
START is a competitive grant. To be eligible, the Massachusetts-based company must already have an SBIR/STTR Phase II award. This year, there were 88 Stage 1 applicants. Ten winners were chosen by a panel of independent judges.
MassVentures is a venture capital firm that helps transfer research and early-stage innovations into technology businesses and jobs in Massachusetts.
"START plugs the gaps in federal grant programs by providing the critical business development funding that early-stage tech companies need to move to commercialization," said Charlie Hipwood, CEO and President, MassVentures. "MassVentures is thrilled to support Jaxon in their journey."