On, previously known as GameOn Technology, has raised $25 million in funding as it transitions from sports to enterprise AI technology.
Bolstered by this fresh capital infusion, On aims to revolutionize the landscape of conversational AI by empowering businesses across various sectors to leverage generative AI for creating products.
The strategic funding round, which brings On’s total raised funds to $80 million, attracted notable participants including Equiam, B3 Capital, Commonwealth Financial Network, and Mirae Asset Venture Investment. The latter had previously co-led the company’s Series B funding round.
With the rebranding as On, the company wants to capitalize on its leadership in AI chat, particularly in the sports sector, and expand its horizons into e-commerce, consumer banking, healthcare, and publishing domains.
Recognizing the burgeoning potential of generative AI in transforming mobile interactions, On aims to drive a new era of chat that seamlessly integrates this technology for businesses, streamlining productization and enriching customer interactions.
A recent On survey among enterprise decision-makers revealed that 88% plan to increase conversational AI investments, yet 24% struggle to monetize it effectively. Addressing this challenge, On seeks to pioneer a vertical AI/SaaS platform, enabling global brands to monetize generative AI efficiently while prioritizing data security, a top concern for stakeholders using Language Model Models (LLMs).
“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 of On, in a statement. “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.”
The company has partners that include prestigious luxury brands like Valentino, and Armani, alongside major league sports teams such as the New York Yankees, Las Vegas Raiders, and Philadelphia 76ers, relying on On’s platform to deepen connections with their fan base.
“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, in a statement. “With a fresh vision and a proven track record, On is poised to redefine how brands harness the power of AI.”
On has about 100 employees.
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