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Updated: Predictive search and text analytics startup ayfie gets $10m funding injection

Added on the 16th Aug 2019 at 12:31 pm

Updated at 17.47 on 16 August: see comment below

Congrats to the ayfie team on its latest funding round of $10m to spur growth in North America. SVP of business development in EMEA Peter Richards, says, “We raised $10 million in funding to accelerate growth and vertical expansion. With the help of the funding, we can get even more aggressive on growth in the Legal Tech and Financial Tech markets.” Slightly unusually the backers are still undisclosed.

The last funding round was in 2017, with an injection of $8m from ayfie’s parent company VirtualWorks Group, which ayfie merged with in 2018. The Oslo-headquartered company’s tech competes in the same space as Brainspace.

Here’s the announcement and where you’ll find them at ILTA:

ayfie Group, a leading provider for advanced big text analytics solutions, today announced a 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. Equally important, ayfie continues to release innovative adaptations of its products: ayfie Inspector and ayfie Locator. 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 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.”

#ILTACON19 – ayfie are at booth 702

Executive and Counsel Jeanne Somma will host a session at ILTACON Education Hub: “Leveraging Data Insights to Create Proactive Workflows: An Ideal State” on August 22 at 11 AM.

3 Comments

  1. Peter says:

    ayfie has two products. A text analytics engine for eDiscovery review platforms and Knowledge Discovery platform. Both products utilise ayfie’s linguistic core with semantic analysis of text. The company is currently not active in the contract analytics space and thus does not compete with Kira or Luminance.

Any Comment?