Machine learning is all the rage right now, but a lot of companies are still trying to figure out how to harness it to their advantage.
That's where Techstars alum indico comes in.
The startup, which raised a fresh $4 million seed round this week, helps companies harness artificial intelligence and machine learning to streamline data analysis and make crucial business decisions — regardless of whether employees have developed data skill-sets or not.
The financing, which was led by Osage Venture Partners, will be used for a sales and marketing push, as well as to extend indico’s product capabilities, according to a press release.
Indico is bringing tools and workflow to machine learning, making every programmer a 10x data scientist.”
Indico makes machine learning accessible by applying the technology to productivity tools, which automate tedious back-office tasks, improving organizations’ efficiency in managing documents and extracting significant business insights from unstructured data.
“Like Adobe bringing the creative suite to desktop publishing, making every designer a web developer, indico is bringing tools and workflow to machine learning, making every programmer a 10x data scientist,” the company’s website states.
And it would appear that Fortune 1000 brands are listening.
According to BostInno, the company had it strongest sales period to date in its fourth quarter of 2017, adding a handful of Fortune 1000 companies as customers or trial customers.
The most recent funding follows a $1.5 million round of convertible debt financing announced in October, and the addition of CEO Tom Wilde in September.
“There is increasing market interest and urgency in gaining value from AI and machine learning and we’re eliminating many of the obstacles that have stood in the way for enterprises,” Wilde said.
Existing investors .406 Ventures, Boston Seed and Hyperplane also participated in the round.
