London-based re:infer, a cognitive automation provider, has raised $3.5 million in funding. Touchstone Innovations led the round with participation from Crane Ventures, Seedcamp and Dr. Jason Kingdon.
PRESS RELEASE
LONDON – 19 February 2018 – re:infer, a London-based AI startup delivering cognitive automation, has closed its latest investment round of $3.5m, led by Touchstone Innovations (part of IP Group) with participation from Crane Ventures. Existing investors Seedcamp and AI pioneer Dr. Jason Kingdon also provided follow-on investment.
Employees spend most of their time – often over 50 percent – stuck in the mechanics of communication; emailing, keying in data and servicing customers. Communicating effectively is critical to success but it’s also one of a business’s 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.
“We are at the dawn of enterprise automation and re:infer is leading the way for customers who want to realise its benefits,” says 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.”
“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 investor in re:infer, as well as early backer of SearchSpace and Blue Prism amongst other AI businesses.
Mario Branciforti, Principal at Touchstone Innovations, added, “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.”
Based in the City of London, re:infer works with ecommerce companies such as British unicorn Farfetch, major banks, insurance companies and other financial institutions. The company will use the new investment to further develop its cognitive automation product suite and add additional sales and marketing resources.
About re:infer
London-based re:infer was founded in 2015 at UCL by Dr Edward Challis, Marius Cobzarenco and Dr. David Barber. re:infer uses AI to automate the interpretation of enterprise communications. Its intuitive machine learning technology is able to automatically identify and action the most valuable opportunities for digital automation and transformation in the enterprise. With customers in the finance, e-commerce and FMCG industries, it is at the forefront of delivering enterprise intelligent operational automation capabilities. http://reinfer.io/
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