Iris.ai raises €7.64M to enhance its AI engine to accelerate scientific research, potentially leading to groundbreaking discoveries and advancements in various fields

Iris.ai is an advanced tool designed to mitigate the risk of inaccuracies and misinterpretations within scientific literature. 

It excels in categorizing, navigating, summarizing, and systematizing vast amounts of data and factual information sourced from academic papers, patents, and various technical or research documents. Its capabilities extend beyond mere organization; it aids researchers and professionals in discerning patterns, trends, and connections within complex datasets, empowering them to make informed decisions and advancements in their respective fields.

Iris.ai, a leading provider of an AI engine for scientific text understanding, recently announced the successful completion of its latest funding round, securing an impressive €7.64 million in investment. This milestone underscores Iris.ai's pivotal role in addressing a significant challenge faced by research and development departments across organizations: the inundation of research publications.

Leveraging its proprietary scientific language and machine learning models, painstakingly developed in-house over the course of eight years, Iris.ai integrates a generative AI module to produce high-quality text. By harnessing this innovative technology, Iris.ai effectively mitigates the risk of misinterpretations and inaccuracies in scientific text, offering robust solutions to accurately categorize, navigate, summarize, and systematize data and facts sourced from academic papers, patents, and diverse technical or research documentation.

Organizations relying on the latest scientific advancements now have the opportunity to access actionable insights on a large scale, thanks to Iris.ai's innovative solutions.

Leading the recent funding round is Silverline Capital, demonstrating their confidence in Iris.ai's potential. The European Innovation Council (EIC) Accelerator Fund, known for supporting groundbreaking startups, matched Silverline Capital's investment, building on their previous endorsement in January 2023.

Anita Schjøll Abildgaard, CEO and co-founder of Iris.ai, expressed excitement about the investment, citing it as validation for the significant progress made by the company in the past year. She highlighted Iris.ai's strategic shift, leveraging the power of generative AI alongside their own scientific language models to enhance accuracy and efficacy.

Abildgaard also emphasized the successful onboarding of new clients, who have embraced Iris.ai's RSpace tool suite across diverse fields such as material science, food science, medical research, biotechnology, agriculture, chemistry, automotive, and cosmetics. This expansion underscores Iris.ai's growing impact across various industries, facilitating groundbreaking research and innovation.

With the recent investment, Iris.ai is poised to enhance its flagship product, RSpace, even further.Building on the progress made in 2023, when Iris.ai introduced a solution to measure the factual accuracy of RSpace outputs, this investment will fuel the platform's development to bolster its factual capabilities. This advancement will streamline processes for researchers at both corporate and academic institutions, enabling them to access accurate and reliable information more efficiently.

Moreover, the investment will not only facilitate Iris.ai's continued growth and innovation in AI-assisted scientific research but also contribute to fostering a dynamic European AI ecosystem. By investing in Iris.ai, stakeholders are not only supporting the company's expansion but also contributing to the advancement of cutting-edge technology within Europe.