Adeptmind Inc. has secured additional seed funding from Fidelity Investments Canada ULC, bringing its total funding to $5.5 million to date. Adeptmind did make any announcement about the initial closing of the seed round.
Waterloo, Ontario based Adeptmind intends to use a sizeable portion of the funding to kick-off the Adeptmind Scholar Fellowship – a scholarship program granting $30k scholarships to 20 university students who are advancing the field of AI, deep learning, natural language processing, and machine learning to help invigorate academic momentum in the field. So far, scholarships have been awarded to students at New York University (NYU)’s Center for Data Science and The Courant Institute of Mathematical Sciences, with gifts pending internationally in the United Kingdom, Italy, and beyond.
Adeptmind Inc. has also launched its deep learning company that aims to offer 100 percent accurate search and lets retailers avoid the dreaded “no results found” search problem.
E-commerce has an online search problem – customers can’t always find what they’re looking for, relevant entries are found on page three of a search result or nothing is found via search. Because of this, shoppers turn to Google or Amazon leaving online retailers with high bounce rates, lost sales, and ultimately, a customer with a bad online shopping experience. Using the latest deep learning techniques to create a self-aware search engine, Adeptmind transforms search to better understand customers’ wants and connect shoppers to products faster. Online retailers improve conversion, save millions spent on metadata tagging and can offer its customers the experience of their best in-store sales manager online.
“We want to give online shoppers the best knowledge in the least amount of time – in-store sales people know the inventory inside and out and can offer the best recommendations for whatever you may need – we’re recreating that experience with Adeptmind,” said G Wu, co-founder and CEO of Adeptmind. “This will help retailers increase revenue from online sales by simply connecting customers to the products they are looking to buy faster than anyone else.”
“Greatest advances in science are made when scientists are given as much freedom as possible,” said Kyunghyun Cho, assistant professor of computer science and data science at NYU. “The Adeptmind Scholar Fellowship provides such an opportunity to the recipients at NYU’s Center for Data Science, greatly facilitating advances in data science.”
photo credit: Adeptmind