ayfie has Raised $10 Million in Funding to Accelerate Growth and Vertical Expansion
“Best-in-class” text analytics software company ayfie gets aggressive on growth in the North American Legal Tech and Financial Tech markets, with expanded applications of its product suite.
ayfie Group, a leading provider for advanced big text analytics solutions, today [August 15, 2019] announced a funding round to accelerate its growth and extend its product offerings building on its reach in the legal tech sector and financial tech markets. This is the second investment round after the initial funding in June 2017.
The funding will be invested in growing the North American commercial team in the new Denver office and raising ayfie’s global market awareness with additional marketing and sales activities. Equally important, ayfie continues to release innovative adaptations of its products: ayfie Inspector and ayfie Locator. Building on strong growth in the Legal sector, ayfie looks to solve more business problems complicated by ubiquitous unstructured data sets. With the recently announced SaaS application for analyzing Mortgage documents, ayfie is seeing rapid adoption of its unique approach to text analytics. This enables companies to extract granular data in context from complicated sets of documents for structured analysis.
ayfie’s Legal offerings include sophisticated solutions for knowledge discovery, eDiscovery, identification of Personal Identifiable Information (PII) and content insights. The company’s linguistics-based information retrieval and text analytics solutions help more than 500 companies worldwide to extract valuable insights from vast amounts of data. More than 30 years of research in linguistics, computational linguistics and computer science build the foundation of the unique technology behind ayfie’s products – enabling a unique combination of linguistics, statistics, machine learning and search technology.
“We are very proud of ayfie’s excellent development since the initial round of funding. ayfie is solving problems that other less sophisticated systems cannot,” says Erik Baklid, CEO of ayfie. He adds: “The funding supports with power the achievement of our next business milestones taking full advantage of the momentum we’ve created.”
ayfie (www.ayfie.com) offers search and text analytics solutions that bring structure to unstructured data. Its extensive feature set combines AI with more than 30 years of linguistics, computational linguistics and computer science expertise to extract meaning from text – almost like a human being would. Professionals across the legal, finance, healthcare and media industries use ayfie’s powerful text analytics engine to efficiently identify critical insights, conduct smart search and power business intelligence solutions.
The company is headquartered in Oslo, Norway with offices in Denver, New York, Washington, D.C., Munich, London and Stockholm.
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