A spinout from the University of Cambridge has secured 拢1.5m in seed funding to begin the rollout of its artificial intelligence technology听for multinational companies.听听
iKVA听–听formerly听known as Kvasir Analytics听–听was founded in 2017 by leading academics from the university鈥檚 Department of Computer Science and Technology and the Alan Turing Institute.听
The fresh 拢1.5m investment, which is in addition to 拢175,000 of pre-seed funding secured in 2018, has been delivered from Cambridge Enterprise,听Crowdcube听and other institutional investors.听
iKVA听was designed for knowledge-intensive, multinational firms and was developed with input from the BBC, the Home Office and others in a process which has helped to influence its design. The technology is already used by global engineering giant Mott MacDonald.听
It supports听iKVA鈥檚听strategy of collaborating with global consulting firms and multinational companies that are investing in AI and knowledge management tools for their clients and employees.听听
/fintech-brings-open-banking-benefits-to-corporates/
iKVA听emerged from a University of Cambridge research project led by Dr Liang Wang, leading computer scientist Professor Richard Mortier and Professor Jon Crowcroft who is also affiliated with the renowned Alan Turing Institute.听听
It听works by pulling together unstructured data from multiple internal and external sources including rich documents, images, video and chat, to provide accurate knowledge to the user in real time as part of their regular workflow.听听
It is particularly suited to multinational firms in which staff work across multiple locations and platforms, often in different languages. In these multinational firms it is often challenging to share knowledge internally.听听
The CEO of听iKVA听is Cambridge-based Jon Horden,听who has more than 20 years of experience of the digital industry. He has previously held senior roles at Monster.com, British Gas鈥檚 digital division 鈥楲ocal Heroes鈥� and HomeServe.听听
He is joined on the management team by the co-founders, Dr Chris Doran and experienced tech product specialist Ian Firth.听听
鈥淗aving the ability to surface internal knowledge blended with external sources is now a major priority for large organisations that employ thousands of听staff听using multiple platforms to store their data, information and knowledge,鈥� said Horden.听
鈥渋KVA听enables people to instantly access this knowledge and helps them work smarter and faster.听iKVA听expands the pool of knowledge within an organisation and enables people to get intelligence and information faster and more accurately in real time, as they are working.听听
鈥淭he unique way that听iKVA听collates and presents knowledge means it鈥檚 perfectly scalable and easily adaptable to bolt-on to existing infrastructure and other software platforms and that鈥檚 what investors and the marketplace can already see at this early stage in our development.听
鈥淲e鈥檙e pleased to confirm this latest round of investment and we鈥檙e looking forward to engaging with senior decision makers to see how it can be integrated into their own organisations.听听
鈥淲e鈥檙e on a mission to make sure there are 鈥榥o unknowns鈥� within a large organisation and this latest investment takes us another step closer to achieving our objective.鈥澨�听
/yougov-snaps-up-open-banking-firm-lean-app/
James Thomas, Senior Investment Associate at Cambridge Enterprise, added:听鈥淲e are always pleased to see research outcomes getting turned into commercial operations which will make an impact in the business world.听听
鈥�iKVA听is no exception to this and is a good example of a venture that is perfectly timed as companies continue to invest in AI tools that will give an edge over the competition.鈥澨�听
Jon Rains, Investment Director at Mott MacDonald Ventures, said:听听鈥�20-30% of our time is spent searching for information. Using a solution like听iKVA听represents a productivity saving of around $2m a year and we鈥檝e seen the practical and commercial benefits.听听
鈥�As an early adopter of the technology, we鈥檙e pleased to see听iKVA听receive this investment to continue the good work it鈥檚 done so far in making a positive impact on our people and practices.鈥�听
AI