Dublin-based AI and machine learning start-up Aylien has managed to secure a new round of international funding worth €580,000, with eight new jobs set to be created by the end of 2016.
Aylien is one of the up-and-comers of the Irish AI and machine learning sector, having once featured as Siliconrepublic.com’s tech Start-up of the Week in 2014, and it has now secured significant funding to help it expand internationally.
Aylien’s technology is focused on developing a text and image analysis API that allows developers and data scientists to filter and make sense of massive amounts of textual data.
Currently, the start-up has a user base of more than 10,000 customers, including Sony and the World Economic Forum, but now plans on further expansion having secured €580,000 in funding from the Cork-based VC firm SOSV and Enterprise Ireland.
Aylien expanding staff to 20
More specifically, the funds will be invested in furthering Aylien’s research and development, new product offerings and the further expansion of its team of 12 in its Dublin headquarters to 20 staff by the end of this year.
Speaking about the financing round, Parsa Ghaffari, CEO and founder of Aylien, said: “We’re delighted to continue our growth as a pioneer in the natural language processing … We will use these newly-raised funds to expand our reach in the market, and to accelerate our growth. We have lots of new, exciting things coming up, so stay tuned for more!”
Also commenting on the news was Bill Liao, a partner of SOSV and co-founder of CoderDojo, who said: “The more that machines can understand both human natural language and natural unstructured data the more use they can be in distilling critical and valuable information from the digital noise that is our modern lives.
“Aylien’s team and technology are world leading and SOSV is delighted to fund this already global player in the analytics space.”
Disclosure: SOSV are investors in Silicon Republic