Deloitte Expands AI Footprint with Acquisition of Edisyl from Flipside Crypto
Boston-based entrepreneur Dave Balter has finalized a deal to sell his company, Flipside Crypto, to Deloitte, a prominent global consulting and audit firm. This acquisition marks a significant shift as Flipside transitions its focus from cryptocurrency analysis to artificial intelligence (AI).
Background of Flipside Crypto
Established over eight years ago during the boom of cryptocurrencies and blockchain technology, Flipside Crypto redirected its efforts in the past year towards AI, adapting to changing market demands. In May, Balter had already sold the core crypto analysis component of Flipside to California’s SonarX.
The Acquisition and Edisyl
Deloitte’s D71 Ventures unit has acquired Flipside’s remaining AI division, known as Edisyl. This unit specializes in organizing data for businesses to enhance the accuracy of AI applications. The financial terms of this acquisition have not been disclosed.
Market Shifts and Strategic Focus
While the excitement surrounding digital currencies has waned in recent years, the AI sector has seen a surge in interest and investment. U.S. startups focusing on AI have attracted significant venture capital, surpassing previous investments in cryptocurrency.
Operational Continuity and Leadership Transition
Following the acquisition, Edisyl will continue its operations within Deloitte’s structure, with all 24 current employees retained. Balter will transition to the role of cofounder of Edisyl, emphasizing the value that his team brings to data accuracy in AI systems. “Edisyl makes sure every company’s data is accurate in whatever AI it uses,” Balter noted. “Deloitte saw that value fast and made us an offer we couldn’t refuse.”
The Vision Behind Edisyl
Balter, who has launched eight companies throughout his career, developed the concept for Edisyl in response to the increasing adoption of AI technologies across various industries. The platform is designed to curate essential data and clarify company-specific terms, definitions, and policies, ultimately preventing misinterpretations or improper use of internal information by AI applications.
Funding and Growth of Flipside
Throughout its operational lifespan, Flipside raised approximately $67 million from various investors, including notable firms such as Republic Capital, True Ventures, and Blockchain Coinvestors. This funding played an instrumental role in supporting its evolution from a crypto-focused entity to an AI developer.
For inquiries, contact Aaron Pressman at aaron.pressman@globe.com. Follow him on Twitter: @ampressman.
