Artificial intelligence startup Kyndi raises $20 million to advance industry’s first Explainable AI platform
Summary
Kyndi, an artificial intelligence startup building the first explainable AI platform, has secured$20 million in Series B funding 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.” Kyndi’s patented AI technology, including Natural Language Processing, enables organizations to analyze massive amounts of data, significantly faster. “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 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.
Funding
Classifications
AskAI Classifications
LabelsLinked Companies
