AI-Led Re:infer Announces $3.5M Round
London-based AI startup re:infer announced it has raised $3.5M, led by Touchstone Innovations with participation from Crane Ventures.
Turns out, employees spend most of their time stuck in the mechanics of communication; emailing, keying in data and servicing customers. Communicating effectively is critical to success but it’s also one of a business’s biggest operational costs and causes of inefficiency. That’s where re:infer comes in. Its technology automates the interpretation of communications data and bridges the gap between humans and IT. The technology self-learns, finding valuable patterns from the data and automating business processes.
“We are at the dawn of enterprise automation and re:infer is leading the way for customers who want to realize its benefits . Cognitive automation gives enterprise service businesses the scaling economics of digital-first players like Amazon and Google. re:infer gives our clients’ infrastructure a new perceptual capability to listen and understand all of their communications in real time and at scale. Clients can detect and service customer needs they’d otherwise miss – accounting for huge increases in customer satisfaction. By automating communications data, we drastically improve fulfillment from hours to seconds and massively increase throughput and efficiency – in some settings by over a thousand times” – cofounder and CEO, Ed Challis.
“Perceptual infrastructure is the next phase in the corporate application of AI. It means infrastructure effectively become part of the management team, introducing scale and coherence that is otherwise unobtainable. It also offers the ability for businesses to start collaborating with customers on a mass scale” – Dr. Jason Kingdon, an early investor in re:infer, as well as early backer of SearchSpace and Blue Prism amongst other AI businesses.
“re:infer has impressive technology, product strategy and an approach to solving a big problem that every company faces. re:infer are emerging leaders in a new field of corporate AI and are looking to continue UK’s global success in pioneering AI for business” – Principal at Touchstone Innovations, Mario Branciforti.
Bottom Line: the company works with e-commerce companies such as Farfetch, banks, insurance companies and other financial institutions.
Recall 2018 insurance-related investments here.