By Ryan Welsh, Kyndi Founder & CEO
I’m thrilled to announce that we finalized our Series B funding for $20m, led by Intel Capital. UL Ventures, PivotNorth, Pinnacle Peak, and all existing investors also participated. Intel’s Sunil Sanghavi joins our board.
At Kyndi, our mission is to empower people to do their most meaningful work. The way we empower people is by building great artificial intelligence products. Our software reads and summarizes text data. It frees people to focus their energy on higher-value tasks and more rewarding work.
An example of this is the business value we provided to one of our pharmaceutical customers. Our software read through all their free form text and found 13 new and unknown problems. Their BI tools did not report these problems since they were in the text fields. Discovering and addressing these problems helps them manufacture high-quality healthcare products.
Analysts at government agencies use Kyndi for natural language question answering. In intelligence, you often do not know what you are trying to find. With Kyndi, you can search for concepts, relationships, and situations that you already know how to ask for, and the system will also bring back information for other concepts, relationships and situations that are relevant but that you did not originally know how to ask for directly. Humans do this all the time because we understand context and meaning. Computers do not. Something may not always be a weapon but could be one in a particular situation.
From A to B
A lot has happened since our last round in 2017. We quadrupled in size, revenue, and number of customers.
We built out our executive team.
We released the first Explainable AI product. That spawned an entire category of AI products and companies.
Where we’re going
Intel’s backing accelerates our growth. The extra capital allows us to grow our engineering and sales teams. It also allows us to expand our footprint in Washington, D.C., for our government customers.
I’m proud of what we’ve achieved to date and inspired by what’s ahead. Our customers tell us we’re one of the few AI companies that deliver real business value. I’m happy we can empower them to do their best work, and look forward to enabling more customers in the future.