Iris.ai funding news – Oslo-based Iris.ai Secures €7.64 Million in Funding

Leading European growth equity firm Silverline Capital is the investor for this investment round. The European Innovation Council (EIC) Accelerator Fund, the EIC's premier startup grant, is matching its contribution. This comes after the Fund already supported the project in January 2023.

Anita Schjøll Abildgaard, CEO and co-founder of Iris.ai said, “This investment is a testament to the momentum we’ve gained over the previous year, Since January of last year, we’ve overhauled our approach to take the best of generative AI and combine it with the domain expertise and accuracy of our own in-house scientific language models. We’ve onboarded a range of new clients successfully using our RSpace toolsuite for research in diverse areas like material science, food science, medical, biotech, agriculture, chemistry, automotive, and cosmetics”

The huge amount of research that is published is a significant challenge for research and development departments across businesses, which is resolved by Iris.ai. It blends a generative AI module that produces excellent text with its own scientific language and additional machine learning models, all of which were created internally over an eight-year period.

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This method can accurately classify, browse, summarise, and organise data and facts from academic papers, patents, and all other technical or research documents while lowering the risk of hallucinations. Businesses that depend on the most recent scientific findings might quickly obtain significant and useful insights.

Evgeny Angelov from Silverline Capital said, "We believe in the team in its mission to empower researches to achieve ground-breaking innovation with the help of proprietary AI tools, The team has proven its capabilities to stand out in a rapidly evolving field through a combination of exceptional technical knowledge and scalable go-to-market strategy, while also focusing on data privacy and fact-based AI knowledge. We are proud to support a European company with global goals.”

Iris.ai intends to use this financing to further develop the RSpace, its flagship product. Iris.ai created a way for the RSpace to assess the factual quality of its outputs in 2023, and with the financing, it plans to further enhance the platform's factual capabilities, allowing researchers at universities and businesses to work more efficiently.

About Iris.ai.

One of the top startups in the world for artificial intelligence (AI) technology research and development is Iris.ai. The start-up, which was established in 2015, provides an AI engine for scientific text comprehension that has won awards.

The organisation reviews vast sets of research papers or patents using Natural Language Processing and Machine Learning to locate the relevant documents, extract all of their essential information, or pinpoint the most accurate bits of information.