Iris.ai, an Oslo-based pioneer in AI technology, has recently secured €7.64 million in Series A funding. This significant investment marks a crucial step forward in enhancing their groundbreaking AI-assisted research platform, aimed at addressing the ever-growing challenge of research overload.
The funding initiative was led by Silverline Capital with significant contributions from the European Innovation Council (EIC) Accelerator Fund. This boost elevates Iris.ai’s total funding to €16 million, underscoring the increasing investor confidence in their mission to facilitate innovation across diverse scientific domains.
Tackling Research Overload with AI
Research and development sectors are increasingly overwhelmed by the sheer volume of published studies and technical documentation. Iris.ai addresses this issue by leveraging its proprietary scientific language models, developed over an eight-year period. By integrating these with a generative AI module, Iris.ai can accurately categorise, summarise, and systematise data from academic papers and patents, thus enabling organisations to derive actionable insights at scale.
The company’s AI technology not only reduces the potential for misinterpretation but also enhances the ability to navigate complex scientific knowledge. This tool is crucial for staying ahead in the competitive landscape of scientific research, offering a streamlined approach to knowledge management and discovery.
Strategic Investment from Leading Partners
Led by Silverline Capital, the funding round was also bolstered by the EIC Accelerator Fund, a steadfast supporter of Iris.ai since January 2023. According to Anita Schjøll Abildgaard, CEO and co-founder of Iris.ai, the investment is a validation of the company’s progress and strategic overhaul in adopting generative AI.
“This investment is a testament to the momentum we’ve gained over the previous year,” stated Abildgaard. Her statement highlights Iris.ai’s innovative approach, combining domain expertise with generative AI for enhanced accuracy. The funds will further facilitate the adoption of their RSpace toolsuite across sectors such as material science, biotech, and automotive.
Investor Confidence and Future Development
Evgeny Angelov of Silverline Capital expressed strong support for Iris.ai’s mission to empower researchers globally. He acknowledged the startup’s exceptional technical knowledge and their scalable go-to-market strategy, which prioritises data privacy and factual AI knowledge.
The recent funding is set to propel the development of Iris.ai’s flagship RSpace solution, enhancing its factual accuracy and streamlining processes for users in corporate and academic fields. Schjøll Abildgaard emphasised the importance of this support in progressing Iris.ai’s mission to make global scientific research actionable.
“We are grateful for the support and confidence shown by our investors,” noted Schjøll Abildgaard, underscoring the significance of such backing in advancing Iris.ai’s goals.
The Pioneering Approach of Iris.ai
Headquartered in Oslo, Iris.ai is recognised for its award-winning AI designed for scientific text comprehension. The enterprise was co-founded by serial entrepreneurs Anita Schjøll Abildgaard, Jacobo Elosua, and AI researcher Victor Botev. Together, they lead a cross-European team at the forefront of AI application to scientific texts.
Iris.ai’s RSpace solution facilitates sophisticated search capabilities, reading list analysis, and autonomous data extraction. These features are crucial in creating a comprehensive knowledge graph that assists clients in unlocking novel scientific insights.
Since its establishment, Iris.ai has accomplished significant milestones, such as ranking within the top ten of the IBM Watson AI for Good XPRIZE and participating in well-known accelerators, including five hundred Startups and Founders Factory.
Expanding the Horizon of Scientific Exploration
Iris.ai’s innovations extend beyond basic text analysis, venturing into domain-specific entity representation and disambiguation. The company’s algorithms excel in recognising text similarity and extracting tabular data, pushing the frontiers of scientific exploration.
By building a comprehensive knowledge graph, Iris.ai offers an interactive learning platform where users can delve into and understand complex scientific data, thus fostering innovation and discovery across various fields.
With the backing from recent investments, Iris.ai is poised to enhance its technology further, delivering improved functionalities and insights. This evolution is vital for supporting researchers in navigating the vast expanse of existing scientific literature.
Continued Innovation and Academic Collaboration
The continuous development of Iris.ai’s RSpace solution is set to enhance collaborations between corporate R&D departments and academic researchers. The platform aims to facilitate efficient and effective data processing, enabling users to stay abreast of the latest scientific advancements.
Iris.ai is committed to refining its algorithms to allow for more precise knowledge extraction and data interpretation, key in the competitive landscape of AI-driven research tools.
Conclusion
Overall, Iris.ai’s successful funding round underscores a pivotal moment in the evolution of AI-assisted research. As they continue to refine their technologies, the potential to revolutionise the way we process and understand scientific data becomes increasingly tangible. The company’s strategic advancements are set to empower researchers globally, fostering a new era of scientific exploration and discovery.
In conclusion, Iris.ai stands at the forefront of transforming scientific research through AI innovation. With consistent support from investors and a clear vision for future development, the company is well-positioned to overcome the challenges of research overload, paving the way for significant advancements in science and technology.
