Oslo-based AI startup Iris.ai has successfully raised €7.64 million in a Series A funding round, bringing its total funding to €16 million. This latest investment, led by Silverline Partners and supported by the EIC Accelerator, will propel the company’s mission to streamline scientific research processing through its advanced AI language models. Iris.ai’s innovative platform addresses the challenge of managing the overwhelming volume of scientific literature by combining in-house developed scientific language models with generative AI, ensuring high accuracy and reduced hallucinations. The funding will further enhance Iris.ai’s RSpace tool suite, reinforcing the company’s commitment to advancing AI-driven scientific discovery.
Iris.ai solves a major problem for research and development departments across organisations – that of 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. This approach reduces the potential for hallucinations and can accurately categorize, navigate, summarize, and systematize 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, a pioneering European growth equity firm, is the lead investor for this funding round. Its contribution is being matched by the European Innovation Council (EIC) Accelerator Fund, the flagship startup grant from the EIC, following previous backing from the Fund 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 toolsuite for research in diverse areas like material science, food science, medical, biotech, agriculture, chemistry, automotive, and cosmetics”
“We believe in the team in its mission to empower researchers to achieve ground-breaking innovation with the help of proprietary AI tools,” said 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 the RSpace to measure the factual accuracy of its outputs and will use the investment to further increase the platform’s factual capabilities, enabling streamlined processes for researchers at corporations and universities.
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Read the orginal article: https://arcticstartup.com/iris-ai-raises-e7-64m-series-a/
