Posted on October 26, 2018 by staff

AI innovation assistant secures £1m funding for growth


AI-powered innovation research assistant Klydo has scored £1m in a funding round led by Episode 1 Ventures.

Using next-generation machine learning, the London-headquartered AI assistant helps consumer brands fuel innovation, sparking new ideas with machine learning.

The funding will help the team recruit new talent and boost its reach within the marketplace.

The company also bagged backing from William Tunstall-Pedoe, the man behind AI assistant Evi which was snapped up by Amazon for work around Alexa, as well as retail and consumer sector specialist True.

“In today’s fast-paced world, we can no longer rely on chance to have breakthrough innovation ideas,” said Klydo CEO and co-founder Nick Schweitzer.

“Klydo taps into the wealth of information that exists online to offer brands a unique perspective of what’s happening in their market and these insights spark breakthrough product ideas.

“Unlike other AI companies focussing solely on automation and optimisation, we’re using AI to enhance people’s creative potential to solve problems and innovate.”

Paul McNabb, managing partner of early-stage venture capital investor Episode 1, added: “This was one of those where everything came together. A strong technical founding team, truly innovative technology and a clear customer use case.”