Telectic, a spinout of Imperial College London (ICL) developing artificial intelligence (AI) for interpreting internet data, has raised £1.5m ($2.3m).
ICL’s tech transfer unit Imperial Innovations led the round and provided £1.3m of the total in return for an 18.3% stake. Angel investors provided the remainder.
Telectic is planning for a 2016 launch. Its first objective will be to map the professional world by drawing insights from the internet’s data on people, organisations, and associated networks.
Jason Kingdon, Co-founder of Telectic, said: “It has always been an ambition of AI to develop tools that can help deliver insights and speed up the knowledge discovery process. Telectic is the first of this kind of technology to emerge and we are applying it to the whole Web. It means that important changes in the private markets, emerging technologies and professional clusters can be visualised and tracked. This dynamic real-time interpretation from the Web will add a new dimension to the $80bn business information market.”
