Kyndi closes its $20m Series B led by Intel Capital

Kyndi, which uses AI to create actionable intelligence for financial institutions, has closed its Series B on $20m.

The round was led by Intel Capital with participation also coming from UL Ventures, PivotNorth Capital and various previous backers.

Capital from the round will be used to expand the company’s engineering and sales teams to meet the growing demand from financial services, life sciences and governments.

Kyndi leverages AI technology to score the provenance and origin of every document it processes, while helping an organisation locate information lost under collections of documents. The explainable AI software can be used in line with robotic process automation tools to analyse text and automate inefficient workflows.

The company, which was founded in 2014, helps risk, audit and compliance managers complete risk assessments with tools to analyse text, generate insights and identify signals. Its system is able to uncover patterns or links which a human could not and can triage data to prioritise the most relevant information.

Kyndi founder and CEO Ryan Welsh said, “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.

“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.”

As part of the deal, Intel Capital investment director Sunil M. Sanghavi will join the Kyndi board of directors.

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