Starmind, one of Europe’s leading AI Tech company building selflearning networks to access human expertise, today announced the closing of a major growth financing round. Focusing on rapidly growing B2B software and AI technology companies, Digital+ Partners is investing $15 million and actively supporting the company with access to global corporations and tech experts. The funding is dedicated to Starmind’s designing of next generation algorithms and accelerating their growth throughout the global market. Founded in 2010, Starmind today grounds on a break-even business model.
“After proving that our company is able to compete and grow on our own in the hypercompetitive AI market, it’s now time to accelerate and expand,” said Pascal Kaufmann, one of the founders of Starmind.
Starmind allows organizations to gather company knowledge across existing organizational boundaries, making it available to all employees, everywhere and in real time. Using self-learning algorithms based on latest principles of brain and artificial neural network research, posed questions are automatically forwarded to the right person within the company. Starmind learns about interests and expertise, creating a self-learning knowledge network. Expanding beyond the B2B realm opens new business opportunities with a significant scaling potential in addition to the untapped potential in the existing client base.
Marc Vontobel, CTO and the other founder of Starmind, stated: “By the end of 2017, we clearly demonstrated that our technology outperforms the world’s leading AI algorithms in various text classification tasks. We are seizing on that positive momentum and significantly investing into the intelligence and API capabilities of our technology.”
The new investor Digital+ Partners is an experienced growth equity investor, specializing in investments in fastgrowing technology companies within the SaaS technology sector.
Patrick Beitel, Partner at Digital+ Partners, commented: “The approach of Starmind to leverage human intelligence by means of the latest neuroscience inspired AI technology leads to strong commercial traction in Europe and North America. This new financing will provide a solid base for continued technology leadership and revenue growth.”
