Iris, Provider of the world's leading award-winning AI engine for scientific text understanding. announced its latest funding round of €7.64 million. The investment will support the company's continued growth and innovation in the field of AI-assisted scientific research, contributing to the dynamic European AI ecosystem.
Silver Line Capitala pioneering European growth equity firm, is the lead investor in this funding round. The company's investment will be matched by the European Innovation Council (EIC) Accelerator Fund, the EIC's flagship startup grant, following its initial support from the fund in January 2023.
“This investment is a testament to the momentum we've gained over the last year.” “We are thrilled to be working with Iris.ai to bring this technology to market,” said Anita Schjøll Abildgaard, CEO and co-founder of Iris.ai. “Since January last year, we have overhauled our approach to take the best of generative AI and combine it with the expertise and precision of our proprietary scientific language models. We have successfully onboarded a range of new clients using the RSpace tool suite for research in a variety of fields, including materials science, food science, medicine, biotechnology, agriculture, chemistry, automotive, and cosmetics.”
Iris.ai solves a major problem faced by R&D departments across organizations: the sheer volume of research publications. It combines a proprietary scientific language and other machine learning models developed in-house over eight years with a generative AI module that produces high-quality text. This approach reduces the chance of hallucinations and accurately categorizes, navigates, summarizes, and organizes data and facts from academic papers, patents, and all other technical and research documents. Organizations that rely on up-to-date scientific knowledge can easily gain actionable insights at scale.
“We believe in our team's mission to enable researchers to achieve breakthrough innovation with the help of our unique AI tools.” Added Evgeny Angelov of Silverline Capital. “The team has proven its ability to stand out in a rapidly evolving field by combining strong technical knowledge with a scalable go-to-market strategy, with a strong focus on data privacy and fact-based AI knowledge. We are proud to support a European company with global ambitions.”
With this investment, Iris.ai plans to further develop its flagship product, RSpace: in 2023, Iris.ai will develop a solution to measure the factual accuracy of RSpace output, and will use the investment to further enhance the factual capabilities of the platform, streamlining processes for corporate and university researchers.
“We are grateful for the support and trust shown to us by our investors.” Schjøll Abildgaard said: “This funding will allow us to advance our mission of making all of the world's scientific research understandable and actionable.”
