Infosys Ltd, the country’s second largest software services provider has invested Rs14.5 crore (14.92 millon Danish krone) in UNSILO, a Danish artificial intelligence start-up focused on advanced text analysis, from its innovation fund.
The deal has come at a time when companies around the globe are trying to find better ways to make sense of a large amount of unstructured text.
A unique combination of machine-learning and natural language processing to analyze large quantities of text is used by UNSILO. The investment is Infosys’s 11th one in a start-up from its $500 million innovation fund, its fourth in the same calendar year.
Most Indian IT firms have been investing in futuristic startups increasingly to get products based on new technologies to the market faster and serve the emerging needs of their customers.
“UNSILO has built an impressive semantic search engine with best-in-class text intelligence, which powers a range of advanced business processes. We will partner with UNSILO to bring their artificial intelligence and machine learning technology to our global clients,” said Ritika Suri, Executive Vice-president and Global head of corporate development and ventures at Infosys.
The deal is expected to give UNSILO an opportunity to expand globally faster and enter new industries, according to chief executive officer of UNSILO, Thomas Laursen. “Making sense of any large amount of unstructured text is a huge challenge for many industries,” said Laursen.