Boston-based Indico, a provider of enterprise machine learning solutions for unstructured content, has secured $4 million in seed funding. Osage Venture Partners led the round with previous backers .406 Ventures, Boston Seed and Hyperplane.
BOSTON, MA, January 18, 2018 – indico, a provider of enterprise machine learning solutions for unstructured content, today announced $4 million in new equity seed funding led by Osage Venture Partners. Existing investors .406 Ventures, Boston Seed, and Hyperplane also participated. indico will use the funds to extend its product capabilities and build out its go-to-market team, resources and programs.
The funding follows a $1.5 million round of convertible debt financing announced in October, and the addition of veteran CEO Tom Wilde in September.
Artificial intelligence and machine learning offer big opportunities for businesses, but many organizations struggle to find practical business applications for the technology due to limited access to required skillsets, insufficient data and infrastructure, and poorly designed pre-trained offerings. indico eliminates these barriers by enabling enterprises to use much smaller sets of data to create customized machine learning models to solve unstructured content challenges including documents, text, and images. indico customers use its application to automate business processes with AI and to automatically discover insights from within large content collections.
Philadelphia-based Osage Venture Partners focuses on early stage, business-to-business technology companies including analytics and artificial intelligence-based startups such as Automated Insights, BAInsight, SevOne, and Sidecar. Osage partner David Drahms will join the indico board along with existing members Graham Brooks from .406 Ventures, indico co-founder and CTO Slater Victoroff, and CEO Tom Wilde. indico will also be adding an independent director to the board in the near future as part of the financing.
“indico is addressing a really important issue for many enterprises – how to apply the benefits of artificial intelligence and machine learning to all the valuable, but often messy, unstructured data found in documents, text, images, and audio,” said Drahms. “This type of content makes up 70-80% of the data in most organizations. The ability to automate document-based processes and more easily extract new insights from this content can unlock tremendous business value. We believe the indico team has the right strategic and technical approach to capitalize on this huge opportunity.”
“This is a really exciting time for indico, and Osage will be a fantastic partner and advisor as we fully commercialize our product and ramp up our go-to-market efforts,” said CEO Wilde. “We saw strong customer momentum in Q4 2017 and gained real traction around a core set of use cases. There is increasing market interest and urgency in gaining value from AI and machine learning and we’re eliminating many of the obstacles that have stood in the way for enterprises. Osage has a great track record working with early-stage enterprise software companies and has the domain expertise in AI to provide some really valuable guidance.”
About Osage Venture Partners
Osage Venture Partners (OVP) invests in early stage, business-to-business (B2B) software companies on the East Coast from its offices just outside of Philadelphia, PA. With over $175 million under management, OVP seeks to invest in determined and creative entrepreneurs and provide them with the capital and support required to build high-growth, market-leading businesses. For more information, visit www.osagepartners.com.
Indico offers a highly functional and efficient machine learning solution specifically designed for unstructured data; e.g., text, image, and other document-based information. Our platform empowers enterprises to apply machine learning more readily to these data types for practical business purposes. We make the application of machine learning easier because our platform requires less data and expertise to put machine learning into practice. Users can build custom models in less time and leverage our expertise to deploy them more quickly and efficiently. Enterprises use our technology to accelerate existing business processes that are highly manual and to gain new business insights within existing data. indico also provides the core building blocks for incorporating machine learning capabilities into other technology products and services. The company is privately held and headquartered in Boston, MA. For more information, visit https://indico.io/.