Kyndi, a US-based provider of artificial intelligence technology for business planning, received $20m in a series B round yesterday led by Intel Capital, the corporate venturing arm of semiconductor producer Intel.
UL Ventures, the strategic investment subsidiary of safety certification company UL, took part in the round alongside PivotNorth Capital and unnamed existing backers.
Kyndi has developed an artificial intelligence-based platform that explains how the algorithms have reached a certain conclusion, a feature not offered by other products.
The lack of transparency usually associated with machine learning’s decision-making processes has typically prevented industries such as life sciences, government and financial services from using such technology.
Kyndi previously raised $8.5m in a 2017 funding round, also billed as a series B round at the time and backed by virtualisation software provider Citrix Systems, PivotNorth and Darling Ventures. It confirmed at the time it had raised a total of $12m.
Kyndi was a participant in Citrix’s Startup Accelerator in 2015 and obtained $1.1m in seed funding that same year, according to a securities document.
