Kyndi, a US-based provider of artificial intelligence technology for business planning, closed an $8.5m series B round featuring virtualisation software provider Citrix Systems yesterday.
Venture capital firms PivotNorth Capital and Darling Ventures also participated in the round, which Kyndi said increased its overall funding to $12m.
Founded in 2014, Kyndi has developed technology that helps businesses analyse considerable amounts of unstructured data in order to anticipate otherwise unforeseen threats or opportunities.
Andy Cohen, Citrix’s vice-president of strategic development and investments, said: “Organisations of all types and sizes are struggling to analyse and leverage the growing volumes of data they have already collected.
“Kyndi helps customers to effectively look around corners by anticipating intentions and creating actionable knowledge. Kyndi’s transformative approach is helping to make the power and promise of AI and machine learning a practical reality today.”
Kyndi took part in Citrix’s Startup Accelerator in 2015, the same year as it raised $1.1m in equity funding according to a regulatory filing.