ayfie, Inc., a leading provider of a text analytics platform used in a variety of industries and disciplines, has received $8 million in funding from parent company, VirtualWorks Group.
The new capital will be invested in sales and marketing activities as well as support the development of ayfie's text analytics platform for its commercial launch during ILTACON 2017, the premier educational and networking event for the legal sector, in Las Vegas, Nevada, slated August 13 through August 17.
"We were overwhelmed by the positive feedback we received after launching our platform to the legal industry earlier this year, signifying that there is a real need for our product and the semantics intelligence built into it. This led us to delve into different industries where this kind of information is vital," said Rob Wescott, Chief Revenue Officer at ayfie, Inc. "Rather than spending hours—and maybe even days—blindly searching for information, ayfie indexes, understands and organizes massive amounts of text to maximize efficiency and turn unstructured data into usable information. This latest round of funding will enable us to continue development and we are grateful to be working with investors that believe in and support our company's vision and the market's need to create structure out of unstructured data."
ayfie's semantically aware text analytics technology represents a new and forward-looking pillar in VirtualWorks Group's strategy. It is a unique, proprietary high-performance information extraction platform, which can analyze, automatically structure and understand any text-based content. The technology offers users supreme information retrieval capabilities to sift through vast amounts of both structured and unstructured data across a variety of industries, from legal to healthcare, finance and more.
About VirtualWorks AS – VirtualWorks (www.virtualworks.com) was founded in 2009 and has grown to become one of the leading search companies offering smart knowledge discovery products and search solutions in the Nordics, Europe, and the United States. VirtualWorks' proprietary platform has been developed to include innovative technologies from the fields of big data discovery, insight, advanced linguistic analysis and content analytics. VirtualWorks' knowledge, experience and technology provides a solid foundation for global digital workplaces in companies of every industry.
About ayfie, Inc. – ayfie (www.ayfie.com) provides products for eDiscovery, media, compliance and search across industries and geographies. The language processing technologies developed by ayfie are based on more than 30 years of research in linguistics, computational linguistics and computer science at a number of universities in particular the University of Munich and the University of Paris. Using these technologies, ayfie has created a unique text analytics platform, ranging from forensics over research to automated prediction based on unstructured text data. ayfie GmbH is a subsidiary of ayfie Inc. located in Munich focusing on research and development as well as service and support for the European market.
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