Kyndi, an artificial intelligence company building an ‘Explainable AI’ platform for government, financial services and life sciences, raised $20 million in Series B funding led by Intel Capital, with participation from UL Ventures, PivotNorth Capital, and existing investors.
Unlike traditional ‘black box’ AI solutions, the Kyndi platform would score 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, labeled data sets to train the system. In addition, Kyndi’s ‘Explainable AI’ software can be used in conjunction with robotic process automation (RPA) tools to analyze text and automate inefficient workflows.
Based in Silicon Valley, the company was named an IDC Innovator: AI Software Platforms, 2018. “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,” said David Schubmehl, Research Director, AI Software Platforms, IDC.
The new 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 Ryan Welsh, Founder and CEO of Kyndi. “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.”
“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,” said Nick Washburn, Senior Managing Director of Intel Capital. “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.
Founded in 2014, the company was also named to the CB Insights AI 100 for 2018, which includes the most promising 100 private companies working on groundbreaking artificial intelligence technology.
“We are thrilled to have been able to work closely with these founders to build a market-defining company,” said Tim Connors, 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.”
Since 1991, Intel Capital has invested US$12.5 billion in 1,554 companies worldwide, and 670 portfolio companies have gone public or participated in a merger or acquisition.
For more information on Intel Capital, visit their website here.
For more information on UL Ventures, visit their website here.