Clinc, an Ann Arbor, MI-based conversational AI platform, has bagged USD52 million in Series B funding round. With this funding round, which was led by Insight Partners, DFJ Growth, Drive Capital, Hyde Park Venture Partners, and other investors, the company’s total valuation has reached USD60 million to date. As per the report, this huge capital funding round is over eight times larger than the size of the company’s USD 6.3 million series A round in February 2017, where Clinc claims that it’s one of the largest single investments in the history of conversational AI.
Clinc CEO Jason Mars says “We’ve had phenomenal growth and built unbelievable momentum in a very short period of time.” According to him, “Now we’re adding more world-class investors to support our growing team as we work to accelerate the pace of innovation and to reshape the conversational AI landscape, one industry at a time.” Mars further added that the new investment would help the company add to its team and expand to new, larger offices in Ann Arbor. Clinc’s technology utilizes Natural Language Processing (NLP), Machine learning, Deep Neural Networks to interpret and respond like a human speech.
Earlier this year, Clinc had proved its technology could be used to offer in-game assistance for gamers by empowering them to communicate with the game using natural language, such as slang, without specific commands. Prior to entering in the automotive space, the company mostly offered NLP solutions for large financial institutions. Last year, the conversational AI startup had declared its technology expansion to the automotive industry with the intent to provide developers the ability to add natural language-based interaction and control functionality to vehicles.