Clinc, an Ann Arbor, Mich.-based developer of a voice-controlled A.I. platform for banking, closed a $6.3m Series A financing round.
The round was led by Drive Capital with participation from Hyde Park Venture Partners, Cahoots Holdings and Stuart Porter. In conjunction with the funding, Drive Capital’s Mark Kvamme will join Clinc’s board of directors.
The company intends to use the funds for continued product innovation, revenue growth, and expansion of the team.
Founded in 2015 by A.I. and systems research professors at University of Michigan, Jason Mars and Lingjia Tang, Clinc has built Finie, an advanced voice-controlled A.I. platform for banking. Utilizing a natural language processing engine and scientific discoveries in A.I. research, Finie emulates human intelligence and is able to understand unstructured, unconstrained speech, and can interpret semantics, intent, and the underlying meaning of user queries. It allows users to converse with their bank account using their own natural language with no special keywords, rule-based commands, or templated questions to learn.
The personal assistant answers financial questions unique to each individual user, offers personalized spending advice, and is able to fulfill any banking task.
The company, which currently has a team of 21 members, has already signed numerous deals with financial institutions and closed a $1.2m seed round.