TRA has been approved for up to $15 million in funding from Callaghan Innovation to assist with its research and development (R&D) ventures around artificial intelligence and machine learning.
The newly established R&D function, TRA Labs, is dedicated to developing data-driven AI solutions for business problems, focusing primarily on solutions that help organisations become more customer-centric.
Using a variety of data sources, from payments to digital media, TRA Labs is developing smart algorithms that help answer challenging business problems.
TRA’s managing director, Andrew Lewis, says it solves a lot of business problems as a consulting business.
“The aim of our new Labs function is to find a way to scale these solutions using data and AI, so that any business, big or small, can access quality insights into what drives demand for them, at any point, in real time, at a cost-effective price point.”
The Lab has already delivered a beta of its first AI product to the market: a web-based tool which utilises payments data to give retailers a complete understanding of their competitive performance and smart analytics as to what is driving their revenue.
Now, Callaghan Innovation’s funding grant of up to $15 million will enable TRA to bring its innovative solutions to life for its clients over the next three years.