Over the last ten years, we’ve witnessed software products redefining every industry, from healthcare to retail. Yet, for decades, we as product teams have been working with antiquated project management systems meant for issue and ticket tracking. Most enterprises today are flying blind, with no predictive systems in place for their product development life cycles. At Tara AI, we’re re-imagining this status quo. We’re creating a new normal where product and engineering teams can securely build on best practices and institutional knowledge, enabling them to build better software faster. As Isaac Newton once theorized about building on previous discoveries, “If I have seen further, it is by standing on the shoulders of giants.”
In the past year, we’ve been quietly working on building a product management platform that helps teams predict technical tasks, engineering resources, and timelines needed for new software projects. We started by optimizing freelancer workflows for software projects, and over time, our platform expanded into powering product scopes and enabling allocation of development resources (internal or external).
To continue our growth, we’re excited to announce our $10M Series A, led by Aspect Ventures, with participation from Slack Fund, Y-Combinator, and Moment Ventures.
With this funding, we’re investing in Tara AI to further advance in creating a new category of product management software for scoping. Engineering and product teams alike have to start from scratch when scoping new products or scoping dependencies for existing software projects. We’re working to provide teams with modules based on their past project data and the wisdom of thousands of open source code repositories, so they never have to start with a blank slate.
We’re grateful to our customers, and humbled to see how they have scoped and built hundreds of incredible products with Tara AI. These include widgets for WordPress, to iOS applications that help with cancer therapy, to an entire kiosk for food retail that was deployed to several stores.
To date, applications built with the platform have saved product teams at least 40% of their initial scoping time in their product development. In some cases, teams have seen a drastic 2x improvement in time to production due to quicker team allocation with Tara AI’s resource suggestions.
As we embark on this journey with our new partners, we’re working to re-invent the slow and manual product development process that causes enterprises to lose an average of $66Bn annually through inefficiencies in project scoping and resource allocation. We are also looking to expand our family, and humbled by the incredible team we’ve had the opportunity to assemble to date in sunny San Jose. Take a peek at our careers page and reach out if you are passionate about enabling the next generation of creators and builders, in companies large and small.
Thank you to our entire ecosystem of customers, team members, investors and partners for believing in our vision since the very beginning. A special thanks to Ingrid Lunden at Techcrunch for the exclusive funding announcement on our Series A.
Iba Masood and Syed Ahmed
Co-founders, Tara AI