Kyndi Raises $20 Million

Kyndi has boosted its total funding to $28.5 million this week after closing a $20 million Series B round led by Intel Capital. Also participating in the round were UL Ventures, PivotNorth, Pinnacle Peak, and all existing investors.

Kyndi founder and CEO Ryan Welsh said that the round accelerates the company’s growth. “The extra capital allows us to grow our engineering and sales teams. It also allows us to expand our footprint in Washington, D.C., for our government customers,” he said.

Since the company’s last round of funding in 2017, Kyndi has quadrupled in size, revenue, and number of customers, built its executive team, and released its Explainable AI product, which Welsh demoed at FinovateSpring 2018. Explainable AI helps organizations analyze massive amounts of data by unifying probabilistic and logical methods. Additionally, the tool helps minimize human bias that often occurs when information is manually extracted from raw data.

“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.” Intel Capital’s Investment Director Sunil M. Sanghavi will join Kyndi’s board of directors.

Finovate Alumni News

On Finovate.com

  • Best of Show Winner Banzai Teams Up with GreenPath to Boost Financial Literacy.
  • Digital Onboarding to Boost Customer Engagement for Manatee Community FCU.
  • Finovate Global: Settle Launches Mobile App in Croatia; Sr. Pago Partners with American Express.

Around the web

  • Mastercard acquires global payments firm Transfast.
  • Chatbots.Studio partners with Digital Flex Solution to become their first technical partner and adviser. Check out Chatbots.Studio at FinovateFall in September!
  • CREALOGIX wins Best Wealth Management User Interface at the 2019 Systems in the City Financial Technology Awards.
  • Sports Business Daily interviews Everfi Head of Global Partnerships Jon Chapman.
  • HackerOne achieves ISO 27001 certification.
  • Gartner’s 2019 Market Guide for In-App Protection recognizes Jscrambler for its client-side security technology.
  • Ping Identity earns Best Identity Management Solution honors at the 2019 SC Awards Europe.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinovateSpring Sneak Peek: Kyndi

A look at the companies demoing live at FinovateSpring on May 8 through 11, 2018 in Santa Clara, California. Register today and save your spot.

Kyndi is building the first Explainable AI platform for financial services, government, and healthcare.

Features

  • Structures unstructured internal text data with proprietary artificial intelligence technology
  • Provides fully explainable automated reasoning
  • Is a software product, not a consulting project

Why it’s great
Because Kyndi’s software logs every step of its reasoning process, you can transform regulated business functions with AI, and rest assured that you will also be able to justify decisions when necessary.

Presenters

Ryan Welsh, Founder and CEO 
Welsh is founder and CEO of Kyndi, an artificial intelligence company that builds Explainable AI products for critical government and commercial institutions.
LinkedIn

 

Lorne Kligerman, Senior Product Manager 
Kligerman is Kyndi’s Senior Product Manager with 10+ years of experience designing, building, and releasing products. He was previously a product leader on the Google Cloud Platform.
LinkedIn

Finovate Alumni News

On Finovate.com

  • doxo Teams with Coinstar to Facilitate Cash Payments for Underbanked.
  • Agreement Express Lands Funding from Frontier Capital.
  • Low-Code Development Platform OutSystems Forges Strategic Partnership with Atos.

Around the web

  • Iowa City-based Farmers & Merchants and Savings Bank to deploy Fiserv’s retail and business banking platform.
  • Zopa announces restructuring in advance of the launch of its challenger bank.
  • PYMNTS.com features Trulioo CEO Stephen Ufford in a conversation about the present and future of KYC.
  • Santander introduces its Santander One Pay FX service, a blockchain-based money transfer offering that leverages Ripple’s xCurrent technology.
  • Meniga CEO Georg Ludviksson selected as one of top 200 Fintech leaders in Europe
  • NuCypher teams with Origin Protocol to control access to sensitive information in decentralized marketplaces.
  • Efigence powers concept, UX, and design for BGŻOptima Bank’s new portal.
  • PYMNTS.com profiles anti-cyberfraud startup, Emailage.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.