Tech entrepreneurs Adam Helfgott and Jesse Redniss said they have formed Precise.AI, a company that will use artificial intelligence to help manage how consumer data is collected, verified, utilized and monetized.
Helfgott, founder and former CEO of Madhive, has most recently been at Valence, which developed systems for verifying data ownership and provenance, encryption for tracking the use of data and an approach to returning value to data owners.
Those technologies will be combined with the consumer engagement tools developed by Qonsent, the company founded by Redniss, who earlier had been chief innovation officer at WarnerMedia and an executive at NBCUniversal.
“There are enormous legislative and logistical burdens put on companies that just want to engage consumers wherever they are. Precise is designed to solve all the biggest problems marketers face around identity, permissioning and targeting,” said Redniss, who will be CEO of the new company.
Qonsent will be a subsidiary of Precise, providing its clients with a more end-to-end offering.
Qonsent enables consumers to manage their data relationships with brands and publishers. For companies, Qonsent provides the mechanisms for dynamic permission management to ensure data privacy and regulatory compliance.
“The market is now ready for transformational technologies. Instead of cobbling together third-party signals like IP addresses and MAIDs, Precise is providing marketers a foundation built on first-party data,” said Helfgott, who will be an adviser to the new company, focusing on technology and engineering.
Valence’s technology stack is already being used by clients in a number of industries, including major league sports teams, telecommunications companies and brands. Chicago Cubs owner Tom Ricketts is among the investors in Valence.
Precise.AI will have exclusive rights within the marketing and advertising industry, the company said.
As a brand-new entity, Precise has no clients of its own, but both Qonsent and Valence will continue to work with their respective customers.
Precise.AI’s technologies are designed to help data owners minimize risk and operational overhead while maximizing data utility and revenues.
Precise said it is talking with several potential clients about the value of behind able to access the capabilities of both Qonsent and Valence.
Precise is funded for the near term, but will be interested in taking on strategic investors to accelerate growth, a spokesperson for the new company said.
Qonsent and Valence are combining operations and teams. Precise.AI's total headcount is two dozen full-time staff members, who are mostly engineers.
