LONDON, UK – Rainbird Technologies, an AI company that specialises in cognitive reasoning, has closed a £2.2m ($2.88m) seed round from a syndicate of investors including Eden Rock. The funds will enable continued investment in the Rainbird platform and will fuel the company’s international expansion.
Rainbird is a reasoning engine that sits at the heart of enterprise automation and can transform complex decision-making for larger enterprises, enabling tasks to be performed at scale and to a superior standard. Industry interest is particularly high in financial services, banking, insurance and law where Rainbird’s ability to provide an audit trail for automated judgements suits regulatory regimes.
Rainbird is part of the rapidly growing AI market whose valuation is in the tens of billions. Rainbird solutions are typically manifested as highly consultative chatbots that can solve numerous issues for users, or powerful decisioning engines that can make back-office complex decisions – such as in underwriting and fraud.
Rainbird is based in London with a development centre in Norwich, UK. Originally supported by the likes of Techstars and 500Startups, Rainbird is now comprised of thirty staff. Revenues are growing rapidly as the company demonstrates an ability to deploy effective cognitive models in a matter of weeks.
Much of the media attention is focused on the proliferation of machine learning companies, but Rainbird is different. While machine learning technologies struggle to provide a rationale for any outputs, Rainbird can provide evidence for how those automated decisions are reached. That makes Rainbird a perfect fit for heavily regulated sectors like financial services, banking, insurance and law.
Rainbird’s Executive Chairman James Duez said, “Our advances in engineering solutions that can reason is leading to progressive enterprises fundamentally rethinking what is possible with this technology. Much of the AI world is focused on “data up”, but our success has been driven by focusing on building sophisticated models of human knowledge – i.e. “human down”. This investment will enable us to increase our partner network, making our technology accessible to enterprises in USA and Asia Pacific.”
Dominic Ward from Eden Rock commented, “We’re very pleased to team with the Rainbird executives. They have the vision, passion and dedication to succeed rapidly in this marketplace and their technology is highly differentiated, already working alongside some of the biggest players in this very exciting market.”
Rainbird was created in response to demand within progressive enterprises for new, faster and more accurate knowledge for complex decision making, at scale.
With Rainbird, complex decision-making can be modelled by the people with the expertise, integrated with numerous data sources using an open architecture, and provide solutions that are easily audited, satisfying compliance obligations by providing a rationale for automated decisions. The Rainbird cognitive reasoning engine has two parts – an authoring platform where knowledge maps, rules and data linkages are built, and a runtime that puts the knowledge live through a chatbot, app or web assistant.
Rainbird was founded in 2013 by repeat tech entrepreneur turned Angel Investor James Duez and ex-Adobe AI Computer Scientist Ben Taylor.