Touchstone Innovations, an IP Group company, has led a $3.5m (£2.5m) funding round in re:infer, a London-based AI startup delivering cognitive automation, with participation from Crane Ventures. Existing investors Seedcamp and AI pioneer Dr. Jason Kingdon also provided follow-on investment.The company will use the new investment to further develop its cognitive automation product suite and add additional sales and marketing resources.
re:infer uses AI to automate the interpretation of enterprise communications. Its machine learning technology is able to identify and action several tasks, brinigng digital automation to enterprise. The London-based company was founded in 2015 at UCL by Dr Edward Challis, Marius Cobzarenco and Dr. David Barber, and has since established relationships with customers in the finance, e-commerce and FMCG industries.
The startup aims to address time employees spend—often over 50 percent—in the mechanics of communication: emailing, keying in data and servicing customers. These tasks are critical to a company's success, but are also one of its biggest operational costs and causes of inefficiency. re:infer’s state of the art deep learning technology automates the interpretation of communications data and bridges the gap between humans and IT. The technology self-learns, finding valuable patterns from the data and automating business processes.
Ed Challis, co-founder and CEO of re:infer, said:
“We are at the dawn of enterprise automation and re:infer is leading the way for customers who want to realise its benefits. Cognitive automation gives enterprise service businesses the scaling economics of digital-first players like Amazon and Google. re:infer gives our clients’ infrastructure a new perceptual capability to listen and understand all of their communications in real time and at scale. Clients can detect and service customer needs they’d otherwise miss – accounting for huge increases in customer satisfaction. By automating communications data, we drastically improve fulfilment from hours to seconds and massively increase throughput and efficiency – in some settings by over a thousand times.”
Mario Branciforti, Principal at Touchstone Innovations, said:
“re:infer has impressive technology, product strategy and an approach to solving a big problem that every company faces. re:infer are emerging leaders in a new field of corporate AI and are looking to continue UK's global success in pioneering AI for business.”