Ann Arbor-based artificial intelligence (AI) company Clinc
has closed a $6.3 million series A funding round, hot off the launch of Finie, the company's voice-controlled AI platform for banking
Clinc was founded in 2015 by Jason Mars and Lingjia Tang, both University of Michigan professors specializing in AI and systems research. The new funding round, led by Columbus, Ohio-based Drive Capital, brings Clinc's total investment to $7.75 million just six months after the company closed a $1.2 million seed funding round.
The new funding will allow Clinc to add as many as 20 employees to its current staff of 21, and to further develop and market Finie. Finie's AI technology is able to understand natural speech and then allow users to converse with their bank accounts without using special keywords or question templates. The technology can be integrated into multiple platforms, from mobile apps to chatbots to Facebook messenger.
With the new round of funding, Clinc's technology could soon be integrated into Amazon's virtual assistant, Alexa, or into the Google Chrome browser. Mars says he doesn't like to try to convince investors by telling them about Finie but rather just enjoys showing them what it can do.
"People recognize when they are seeing something they haven't seen before," he says. "I show them how to use it, and they say, 'Okay, I get it. I'm in.'"
Mars attributes the company's success to a combination of great timing and having the best technology in the field. He says financial institutions have been making promises in terms of what they want to do with AI, but until now technology has lagged behind.
"What they want to do requires absolute state-of-the-art technology, and we have the smoking gun," Mars says.
Clinc doesn't want end users to have to install yet another app, Mars says. The aim is to have Clinc's technology incorporated into apps they are already using.
"Say they already have the Chase or Bank of America app on their phone. Finie would be just a new button or a new experience added onto the app as a sort of feature," he says.
Mars says the public should be on the lookout for a "blockbuster" announcement from Clinc this summer.
"We're working very closely with a top financial institute to integrate our technology into, potentially, two of their products, and that could be released to users as soon as June or July," he says.
Sarah Rigg is a freelance writer and editor in Ypsilanti Township. You may reach her at email@example.com.