London 11 January 2023 Iris.ai, provider of a world-leading and award-winning AI engine for scientific text understanding, has been selected by the European Innovation Council to receive 2.4 million of funding in grants and up to 12M in equity investments from the 2022 EIC Fund. Iris.ai was one of just 15% of startups chosen with a female CEO and amongst only 78 successful companies from over 1,000 qualified candidates in a highly competitive selection process.
The European Innovation Council (EIC) is a flagship European program to identify, develop, and scale up breakthrough technologies. In its third year as a full-fledged EU fund, the EIC has a budget of 470 million to fund the most promising technologies across Europe and support European growth.
Iris.ai solves a major problem for researchers that of the overwhelming volume of research being published. Finding relevant research is like finding a needle in a haystack, and as a result, researchers in both academia and industry are missing relevant published papers that could advance their knowledge or are simply wasting time reading irrelevant research. Iris.ai cuts the time required to carry out scientific research by using AI language models to categorize, navigate, summarize and systematize data from academic papers, patents and all other technical or research documentations. It's already being used by hundreds of universities and companies including Fortune 500 steelmaker ArcelorMittal to eliminate the weeks and months spent manually wading through patents and research.
Iris.ai' technology has the potential to enable unprecedented breakthroughs in European research through interdisciplinary scientific discovery against growing competition from the US and China. The EIC Jury responsible for reviewing Iris.ai's application commented: "A strong AI/ML European player is of utmost importance for the EU, given the evident progress in US and Chinese-driven AI developments and the potential biases that could therefore be implemented in the algorithms."
Iris.ai will use the investment for its core mission: making scientific research more actionable. As a fully horizontal platform, this funding will assist the company in accelerating interdisciplinary research across every field, mapping out the vast amount of research available and helping to broaden researchers' understanding beyond their specific domains.
The EIC Jury concluded: "We believe that Iris.ai has huge potential, with the investment enabling them to benefit from the horizontal' competitive advantages of the product and expand into other market segments in the mid and longer term."
Anita Schjψll Abildgaard, CEO and Co-founder of Iris.ai, commented, "When Iris.ai was founded in 2015, few people had heard of language models. Since then, the AI ecosystem has grown exponentially, and the concept of language models is common knowledge.
"However, the current generation of large language models including ChatGPT don't work for science today. They hallucinate, generate mistruths, and misunderstand scientific text due to a lack of domain-specific knowledge. What we're doing differently is we are working on factuality validation, and injection of externally validated knowledge creating a trustworthy system that can be relied upon for analyzing scientific research. Our research efforts are considerable, compared to other startups in our field.
"Together with my two brilliant co-founders Victor Botev and Jacobo Elosua, we are delighted to be selected for the European Innovation Council Accelerator funding. It will allow us to ramp up the development of our technology and achieve our goal of building a complete AI researcher AI tools and applications which allow humans to make sense of the totality of the world's scientific knowledge."