By Tech.eu
Iris.ai provider of an AI engine for scientific text understanding, has announced iits latest funding round, raising €7.64 million.
Iris.ai solves a major problem for research and development departments across organisations: the overwhelming volume of research being published.
It combines its own scientific language and other machine learning models — developed in-house over eight years — with a generative AI module that generates high-quality text.
Iris.ai reduces the potential for hallucinations and can accurately categorise, navigate, summarise, and systematise data and facts from academic papers, patents, and all other technical or research documentation.
Organisations reliant upon the latest scientific knowledge can easily gain actionable insights at scale.
Silverline Capital led the funding. The European Innovation Council (EIC) Accelerator Fund, the EIC’s flagship startup grant, matched its contribution, following the Fund’s previous backing in January 2023.
“This investment is a testament to the momentum we’ve gained over the previous year,” said Anita Schjøll Abildgaard, CEO and co-founder of Iris.ai.
“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 tool suite for research in diverse areas like material science, food science, medical, biotech, agriculture, chemistry, automotive, and cosmetics”
According to Evgeny Angelov from Silverline Capital:
“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.”
With this investment, Iris.ai plans to further develop its flagship offering, the RSpace.
In 2023, Iris.ai developed a solution for RSpace to measure the factual accuracy of its outputs. The investment will further increase the platform’s factual capabilities, enabling streamlined processes for researchers at corporations and universities.
This investment will support the company’s continued growth and innovation in AI-assisted scientific research and contribute to a dynamic European AI ecosystem.
Lead image: CDC