Re:infer, a London-based artificial intelligence startup delivering cognitive automation, has raised $3.5m (£2.5m) in a round led by Touchstone Innovations.
The spinout from UCL’s AI lab also drew support from Crane Ventures alongside existing backers Seedcamp and Dr Jason Kingdon, an AI pioneer.
Re:infer’s deep learning tech automates the interpretation of communications data and bridges the gap between humans and information technology systems.
“We are at the dawn of enterprise automation and re:infer is leading the way for customers who want to realise its benefits,” said Ed Challis, co-founder and CEO of Re:infer.
“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.”
Re:infer already works with e-commerce firms including UK tech unicorn Farfetch, some major banks and insurance firms.
The company will use the money to further develop its cognitive automation product suite and hire across sales and marketing.
“Perceptual infrastructure is the next phase in the corporate application of AI. It means infrastructure effectively become part of the management team, introducing scale and coherence that is otherwise unobtainable. It also offers the ability for businesses to start collaborating with customers on a mass scale,” commented Dr. Jason Kingdon, an early backer in Re:infer.
Mario Branciforti, principal at Touchstone Innovations, went on to add: “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.”
Check out our UK tech investment tracker for the latest industry deals.