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FREMONT, CA: An AI startup, Clinc, has raised $52 million in its Series B round of venture funding. The Series B funding was eight times more than the Series A startup funding in 2017, which was $6.3 million.
Insight Partners conducted the latest round of funding, along with DFJ Growth and existing investors like Drive Capital and Hyde Park Venture Partners. The proceeds of the investment from the Series B round will go for the recruitment of more employees and to open a new office in Ann Arbor, Michigan, where the company is fundamentally based. Clinc is focusing on its new automotive platform that enables the drivers and passengers to utilize natural language to control their vehicle systems in Ford’s connected car lab.
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Drivers can speak out commands via voice to operate the air conditioner, check the gas required for the trip. Clinc uses a combination of AI, machine learning, and natural language processing engines with deep neural networks to recognize and interpret human speech. This technology can learn and improve on its own every time a new feature is detected; it can also acknowledge follow-up questions.
Investors were impressed with the intensity of the growth showcased by Clinc. In 2018, the revenue generated by the company increased at 300 percent, which is predicted to triple by the end of 2019. Clinc boasts of approximately 30 million users, with a customer base ranging from USAA, Isbank, Barclays, and Ford.
The company has had phenomenal growth over a brief period since conception. With the addition of world-class investors to strengthen their team, the pace of innovation has accelerated rapidly, and the team has been consistently at work to reshape AI in the conversational landscape, by addressing one field at a time.
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