Telectic, a London, UK-based startup that uses artificial intelligence to interpret the content of the World Wide Web, raised £1.5m in seed funding.
The round was led by Imperial Innovations Group plc (AIM: IVO), which has committed £1.3m now holding an 18.3% stake in the company, with participation from angel investors.
The company intends to use the funds to launch in 2016.
Founded by Dr. Jason Kingdon, Sergi Martorell, Dr. Iain McLaren and Pedro Esteban, Telectic aims to map and discover insights about the professional world by reorganizing the Web’s information about people, networks and organizations. The company’s AI technology offers the ability to build insights into professional networks from reading Web content, which will be valuable to professionals doing research and business development.
The prototype product has mapped the UK and US markets and has referenced well with early test customers.