- Kyndi — the first Explainable AI platform company — has raised $20 million in Series B funding led by Intel Capital
Kyndi — the first Explainable AI platform company — announced it raised $20 million in Series B funding led by Intel Capital. UL Ventures, PivotNorth Capital, and existing investors also joined the round. This round of funding will be used to expand the company’s engineering and sales teams to meet growing customer demand in government, financial services, and life sciences.
“As AI becomes an increasingly integral part of how organizations operate and make decisions, there is a growing realization that they can no longer rely on ‘black box’ solutions that lack the rationale behind how recommendations were determined,” said Kyndi CEO and founder Ryan Welsh. “Some of the leading organizations in government and the private sector are adopting Kyndi’s Explainable AI platform because we provide actionable intelligence that’s auditable and provides the reasoning behind every decision.”
Compared to traditional “black box” AI solutions, the Kyndi platform scores the provenance and origin of each document it processes while helping organizations quickly find difficult-to-locate information within collections of documents without requiring large and labeled data sets to train the system.
“Enterprises are turning to AI to take advantage of new opportunities and to solve pressing business problems, and we expect AI’s use in business will continue to grow as the technology matures,” added Intel Capital Senior Managing Director Nick Washburn. “Solutions like Kyndi’s, which remove some of the mystery of AI technology, will continue to gain importance, and we look forward to helping them accelerate AI adoption and address the need for explainability.” Investment Director Sunil M. Sanghavi led the investment for Intel Capital and will join Kyndi’s board of directors.
Kyndi’s Explainable AI software can be used in conjunction with with robotic process automation (RPA) tools to analyze text and automate inefficient workflows.
“We are thrilled to have been able to work closely with these founders to build a market-defining company,” explained Tim Connors — the founder and general partner at PivotNorth Capital. “Kyndi’s team is now solving customer problems that until recently were unsolvable. It’s great to see good people working on important problems.”
Kyndi’s product exists because organizations cannot use “black box” machine learning when they are required to explain the reason for any decision. And the company’s mission is to amplify the productivity of knowledge workers globally.
“Kyndi was named an IDC Innovator because of their focus and innovation on ‘Explainable AI’ and the automatic creation of knowledge graphs to answer challenging questions from reams of unstructured data, and also because of the success their customers in government agencies and Fortune 500 pharmaceutical companies are having to quickly identify and locate hidden information,” commented Dave Schubmehl — the Research Director of AI Software Platforms at IDC.
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