Idibon, a language data firm in San Francisco, has received $5.5 million in Series A funding. The investors were Altpoint Ventures LP, Khosla Ventures, Morningside Ventures, Samsung and Inventec. In addition to the funding, Vadim Tarasov of Altpoint has been added to Idibon’s board of directors.
SAN FRANCISCO–(BUSINESS WIRE)–The world’s information is doubling in size every two years and most of it is unstructured data, including social media, emails, comments, and PDFs. More than ever, companies need to leverage technology to manage, understand and take action on their data, in hundreds of languages.
By combining machine learning and natural language with a global network of analysts, Idibon is able to understand language faster, with unprecedented accuracy, and at a fraction of the cost of current technologies. Idibon provides business analysts in global organizations and consulting firms with trusted language processing tools that are adaptive to complex uses — from predicting future purchase intent via social media to measure campaign effectiveness in Portuguese, to creating a database about car features from disparate sources in English.
For example, Edmunds.com recently overhauled its technology platform and selected Idibon to extract thousands of different car features from text.
“Idibon provides a well-designed and uniquely delivered service that can be flexibly integrated into applications. We are impressed by Idibon’s ability to work with very large unstructured documents with esoteric terminology,” said John Akred, the CTO of Silicon Valley Data Science who led the Edmunds.com initiative. “We’re looking forward to applying Idibon’s technology to other use cases at Edmunds and other customers.”
“At Idibon, we empower our clients to extract the information that matters most to them,” said Robert Munro, CEO of Idibon. “Idibon is passionate about helping organizations unlock the information in our rapidly connecting world, from helping make smart phones smarter to helping UNICEF extract information in dozens of languages in Africa — all with the same technology.”
Idibon’s Series A investment is by Altpoint Ventures LP, Khosla Ventures, and Morningside Ventures, with participation from Samsung and Inventec. Vadim Tarasov from Altpoint will join Khosla on Idibon’s board of directors. Tarasov’s experience in Europe and the strength of new investors in Asia will help Idibon strengthen their global impact.
Idibon launched in January 2014 and is based in San Francisco, California.
Idibon helps companies understand their language data. Using cutting-edge natural language processing and data science, Idibon takes unstructured data like social media, emails, and websites, and provides structured answers to key business intelligence questions.
About Altpoint Ventures:
Altpoint Ventures LP is a venture capital firm with offices in Menlo Park, CA and New York, NY, investing in early and growth stage companies in consumer internet, big data and analytics, e-commerce, mobile solutions, augmented reality, wearable technologies and Internet of things. Altpoint Ventures LP is affiliated with Altpoint Capital LLC, a private equity firm focused on the middle market with offices in New York, NY and Houston, TX.
About Khosla Ventures:
Khosla Ventures offers venture assistance, strategic advice and capital to entrepreneurs in clean and environmentally friendly technologies as well as traditional venture areas like the Internet, computing, mobile and silicon technology. Khosla Ventures is based in Menlo Park, California.
About Morningside Ventures:
Morningside Ventures is a private equity and venture capital firm specializing in seed, start-up, early venture, and growth capital investments.