Wordnerds, a Gateshead, UK-based business that uses AI to train computers to understand unstructured text, raised £1.6M in funding.
The round consisted of £720K from two of Northstar Ventures’ funds, with £160K from the Northstar EIS Growth Fund and £560K from the North East Innovation Fund, supported by the European Regional Development Fund. The remaining funds were from early-stage investors, Stephen Zinser and Leigh Cresswell, and a £521K grant from Innovate UK’s Future Economy Investor Partnership programme.
The company intends to use the funds to expand operations and its development efforts.
Led by Pete Daykin, CEO, Wordnerds has developed an AI-enabled product which provides rapid analysis to consumer facing businesses, allowing those businesses to drill down to actionable insights in a matter of minutes.
Organizations such as Sainsbury’s, M&S, Network Rail and the Department for Work and Pensions are already using the company’s product.
FinSMEs