Exclusive: AI data firm Nomad lands $3.2M funding

Nomad Data, an artificial intelligence service, has closed a $3.2 million funding round led by Struck Capital, its CEO tells Axios exclusively.

Why it matters: Despite the uncertain economic future heading into 2023, firms that play in the AI space are among the few industries still drawing plenty of attention from investors.

• "Generally in a downturn, technology like AI can help you do more with less," Nomad's CEO Brad Schneider says.

How it works: Nomad uses its algorithms to help clients sift through scores of external data to improve efficiency (and save time and money).

• Nomad has more than 60 clients globally and 2,000 data partners. Clients include management consultant firms, telcos, private equity funds, hedge funds and banks, including J.P. Morgan.
• "Our tools are all about connecting the employees to the right data assets, tracking all of that — who already spoke to this vendor, who already ran a test," Schneider says.

Details: Other investors include TenOneTen, Bloomberg Beta, Correlation Ventures and Flair Ventures.

• The majority of the funding will go toward hiring more engineers and other staff.

What's next: "We're talking to many of these larger companies about rolling out to thousands, tens of hundreds of employees. That's going to require us to really beef up every part of the organization," Schneider says.