Microsoft Ventures is one of the co-leaders in an investment round that raised $3.5 million for New York startup Agolo. The corporate investment division of Microsoft led the investment with early-stage venture capital firm CRV. Other company involved in the seed round were Franklin Templeton and Point72 Ventures.
Agolo uses AI and learning technology to help companies combat information overload. Founded in 2012, the company first focused on helping companies and customers manage their Twitter feeds. More specifically, users could set preferences to focus on tweets that were most relevant to them.
However, the company was not necessarily based on providing Twitter solutions. Instead it seemed a test of the software capabilities to sift large datasets to find information that is relevant to the user. In other words, the Agolo system could transfer to other systems and data.
Now that company says it is the “world's most advanced summarization software,” and can crunch data and provide summaries efficiently.
To achieve this, the company uses natural language processing (NLP) through its own technology. The platform allows AI to analyse content and make connections between different subjects. Agolo has found customers with numerous worldwide data company to summarize data from Amazon Alexa and Facebook.
“Summarization is essentially algorithmic reading and writing of content, which is as much a pillar of artificial intelligence as it is of human intelligence,” said Sage Wohns, CEO and cofounder of Agolo.
“There's a crucial need for making sense of the world's information and Agolo is filling that void. Our platform partnerships with our investors have helped us become indispensable to media companies — it's hard to find a media company we don't work with. And there are broader applications in diverse sectors, including financial services.”
Agolo has moved through previous small seed investment rounds. The company says the latest Microsoft Ventures backed investment will be put towards improving the system. Agolo says it will use the money to “transform the way financial service analysts do their jobs” by expanding to financial customers.
“This is game-changing for those whose livelihoods depend on data accuracy and speed to action to make high stakes decisions,” continued Mohamed AlTantawy, CTO and cofounder of Agolo.
“Defeating information overload creates a serious advantage for long/short equity analysts. End users receive personalized market and business intelligence reports so they don't have to spend countless hours reading through the same information.”
“The ability for humans to process mass amounts of information quickly is extremely limited, making summarization key to digesting data efficiently,” says Nagraj Kashyap, corporate vice president at Microsoft Ventures. “We're excited to continue working with Agolo in its quest to fight information overload with AI, ultimately helping to make people and organizations more productive.”