Ayfie raises $US10 million in funding
Text analytics software company ayfie has announced a $US10M funding round to accelerate its growth and extend its product offerings building on its reach in the legal tech sector and financial tech markets. This is the second investment round after the initial funding in June 2017.
The funding will be invested in growing the North American commercial team in the new Denver office and raising ayfie's global market awareness with additional marketing and sales activities.
Building on strong growth in the Legal sector, ayfie looks to solve more business problems complicated by ubiquitous unstructured data sets. With the recently announced SaaS application for analyzing Mortgage documents, ayfie claims it is seeing rapid adoption of its unique approach to text analytics. This enables companies to extract granular data in context from complicated sets of documents for structured analysis.
ayfie's Legal offerings include sophisticated solutions for knowledge discovery, eDiscovery, identification of Personal Identifiable Information (PII) and content insights. The company's linguistics-based information retrieval and text analytics solutions help more than 500 companies worldwide to extract valuable insights from vast amounts of data.
More than 30 years of research in linguistics, computational linguistics and computer science build the foundation of the unique technology behind ayfie's products – enabling a unique combination of linguistics, statistics, machine learning and search technology.
"We are very proud of ayfie's excellent development since the initial round of funding. ayfie is solving problems that other less sophisticated systems cannot," says Erik Baklid, CEO of ayfie. He adds: "The funding supports with power the achievement of our next business milestones taking full advantage of the momentum we've created."