Starmind closes $ 15 Million Financing Round
Starmind International AG, one of Europe’s leading AI Tech company building self-learning networks to access human expertise, today announced the closing of a major growth financing round. Focusing on rapidly growing B2B software and AI technology companies, Digital+ Partners is investing $ 15 million and actively supporting the company with access to global corporations and tech experts. The funding is dedicated to Starmind’s designing of next generation algorithms and accelerating their growth throughout the global market.
Today Starmind grounds on a break-even business model. “After proving that our company is able to compete and grow on our own in the hypercompetitive AI market, it’s now time to accelerate and expand,” said Pascal Kaufmann, one of the founders of Starmind.
Having already built an impressive roster of clients, across industries and around the world, Starmind has had a record year with several highlights: Microsoft recently nominated Starmind as a technology partner in the field of AI as part of their international ScaleUp program. The International Committee of the Red Cross (ICRC) became a client in 2017. Other clients as part of the UN now use Starmind and HR professionals across company boundaries exchange know-how based on Starmind technology. Expanding beyond the B2B realm opens new business opportunities with a significant scaling potential in addition to the untapped potential in the existing client base. “By the end of 2017, we clearly demonstrated that our technology outperforms the world’s leading AI algorithms in various text classification tasks,” said Marc Vontobel, CTO and the other founder of Starmind. “We are seizing on that positive momentum and significantly investing into the intelligence and API capabilities of our technology.”
The new investor Digital+ Partners is an experienced growth equity investor, specializing in investments in fast-growing technology companies within the SaaS technology sector. “Starmind is well on its way to become a global market leader in the field of artificial intelligence. We were particularly impressed by the company’s high-profile clients from a broad range of industries, its new kind of technology and innovation stack, the growth trajectory in both new and existing business as well as the significant potential for network effects in the business model,” said Thomas Jetter, Partner at Digital+ Partners. “The approach of Starmind to leverage human intelligence by means of the latest neuroscience inspired AI technology leads to strong commercial traction in Europe and North America.
Starmind is revolutionizing the field of artificial intelligence and cognitive computing. Starmind today has clients in more than 70 countries and runs a cash break-even business grounding on top clients such as Accenture, Bayer, Nestlé, Telefónica, major car builders, leading insurance companies, banks and first network clients such as experts within the UN, the red cross (ICRC) and other global organizations.