SAN MATEO — Kyndi, an artificial intelligence company building the first Explainable AI platform, has raised $20 million in Series B funding led by Intel Capital, with participation from UL Ventures, PivotNorth Capital, and existing investors. Intel Capital is the venture capital unit of chipmaker Intel.
Kyndi will use the new funding to expand the company’s engineering and sales teams to meet growing customer demand in government, financial services and life sciences.
“As AI becomes an increasingly integral part of how organizations operate and make decisions, there is a growing realization that they can no longer rely on ‘black box’ solutions that lack the rationale behind how recommendations were determined,” said Ryan Welsh, Founder and CEO of Kyndi. “Some of the leading organizations in government and the private sector are adopting Kyndi’s Explainable AI platform because we provide actionable intelligence that’s auditable and provides the reasoning behind every decision.”
“Enterprises are turning to AI to take advantage of new opportunities and to solve pressing business problems, and we expect AI’s use in business will continue to grow as the technology matures,” said Nick Washburn, Senior Managing Director of Intel Capital. “Solutions like Kyndi’s, which remove some of the mystery of AI technology, will continue to gain importance, and we look forward to helping them accelerate AI adoption and address the need for explainability.” Investment Director Sunil M. Sanghavi led the investment for Intel Capital and will join Kyndi’s board of directors.
Unlike traditional “black box” AI solutions, the Kyndi platform scores the provenance and origin of each document it processes, while helping organizations quickly find difficult-to-locate information within collections of documents – without requiring large, labeled data sets to train the system. In addition, Kyndi’s Explainable AI software can be used in conjunction with robotic process automation (RPA) tools to analyze text and automate inefficient workflows.
Kyndi was founded in 2014.