According to Send AI, the company will use the pre-seed funding round, led by Gradient Ventures and Keen Venture Partners, to strengthen its team, accelerate the development of its internal AI models and prepare for expansion into international markets.
Send AI, an Intelligent Document Processing (IDP) vendor, announced January 24 that it has secured pre-seed funding of €2.2 million. The investment round was led by Gradient Ventures (Google’s AI fund) and venture capital firm Keen Venture Partners. In addition, former and current executives from UiPath, MongoDB and Google Deepmind also participated in this round as angels.
As Document Processing Infrastructure, as Send AI refers to it, the young startup (founded in 2021 as Autopilot) develops software to teach AI models how to process documents and emails. Instead of generic AI models such as OpenAI’s ChatGPT, Send AI relies on a combination of smaller open-source models and stores sensitive customer data on its own premise.
Thom Trentelman, CEO at Send AI, explained the platform: “Generic AI models like ChatGPT are really impressive, but without any fine tuning you wouldn’t trust your life on them. And even then, it is not economical to fine tune such a large model for a single customer. We do take the longer route by combining multiple smaller models together, but after a little bit of upfront training by the customer, they get impressive and stable results.”
Send AI will use the €2.2 million pre-seed round of funding to strengthen its team, speed up the development of its internal AI models and prepare for the expansion into international markets.
Headquartered in Amsterdam, Netherlands, Send.ai is a Document Processing Infrastructure that large companies use to fine-tune AI models to process documents quickly and accurately. By leveraging open-source AI models, users can adopt their own models which are trained and hosted for their own purposes, enhancing both data security and performance.
You can find the full press release here.
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