The German growth equity investor Digital + Partners has invested US$15 million in Starmind in the course of a financing round. The startup is building self-learning networks to access human expertise. The Starmind app allows employees of a company to filter the expertise of others and answer any questions that might arise as quickly as possible. For example, if a potential customer at a trade show poses a difficult question, the app allows the employee to get the required information from the person who has it without delay. Starmind uses self-learning algorithms that are based on the principles of brain and artificial neural network research.
According to a press release, Starmind plans to invest the fresh funds in the acceleration of global growth and designing of next generation algorithms for the app. Starmind already has clients in more than 70 countries today. They include J. Walter Thompson Worldwide, Telefónica Deutschland and Swiss Re.
“Starmind is well on its way to become a global market leader in the field of artificial intelligence,” said Thomas Jetter, Partner at Digital+ Partners. “We were particularly impressed by the company’s high-profile clients from a broad range of industries, its new kind of technology and innovation stack, the growth trajectory in both new and existing business as well as the significant potential for network effects in the business model.”
Starmind was founded in Zurich in 2010 and has since opened branches in Frankfurt and New York. IT giant Microsoft recently selected the company for inclusion in its ScaleUp Program for technology startups.
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