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.