x.ai Secures $23M in Series B Funding

New round of financing to cement x.ai's leadership in the AI personal assistant market.

NEW YORK, April 7, 2016 /PRNewswire-iReach/ -- x.ai, inc., an artificial intelligence company, today announced that it has secured an additional $23 million in Series B financing led by Two Sigma Ventures. In addition, DCM Ventures and Work-Bench Ventures have joined in the round of funding as new investors. All of x.ai's existing investors, IA Ventures, Firstmark Capital, Softbank Capital / SBNY, Lerer Hippeau Ventures, Crunchfund, and Pritzker Group Venture Capital, have also participated. The investment will support the continued expansion of x.ai's data science team as well as the development of its customer acquisition and enterprise sales teams.

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To date, a select number of customers have had beta access to x.ai's AI personal assistant (Amy or Andrew Ingram). Customers simply cc' Amy, and she takes over the job of scheduling your meeting. Many beta customers report that Amy is so good at emulating human negotiations their guests mistake her for a human.

x.ai has seen dramatic growth in the number of meetings scheduled per month; meetings scheduled in February were up by 27% over January, and March saw another 28% uptick.

"Amy relieves a huge amount of pain for our beta customers, saving them hours each week," said CEO/Founder Dennis R. Mortensen. "This financing will allow us to extend our exceptional data science team and will support the rollout of our pro and business editions later this year. And our pricing will reflect our commitment to democratizing the personal assistant."

In addition to capital, Two Sigma Ventures brings deep expertise in data science. "We believe strongly that advanced technology can make our day-to-day lives better," said Colin Beirne, Managing Director of Two Sigma Ventures. "We think x.ai has the right team and the right approach to tackle a difficult data and machine-learning problem, and ultimately provide its users with a tool that has the potential to fundamentally transform how they organize their lives." Jonathan Baxter, Vice President at Two Sigma, will be joining x.ai's Data Science Advisory Board. In addition to his role at Two Sigma, where he is one of more than 150 PhDs on staff, Jonathan is the Founder and Director of Panscient, a natural-language and machine-learning text-extraction company. Before founding Panscient, Jonathan was an Assistant Professor in Machine Learning at the Australian National University.

By making the personal assistant accessible to individual knowledge workers, x.ai already unlocks significant productivity. "Amy has scheduled more than 1,000 meetings for me in the past year. That's a staggering number, and the benefits only compound within large organizations," said Jonathan Lehr, Managing Director at Work-Bench. "There's a certain magic to Amy that lights people up. I'm not sure I've seen a productivity product outside of Slack with this much potential, that delivers real ROI to the enterprise."

About x.ai, inc.
x.ai makes an Artificial Intelligence personal assistant who schedules meetings for you. The company was founded in 2014 by former Visual Revenue CEO Dennis R. Mortensen and co-founders Alex Poon, Matt Casey, and Marcos Jimenez. The wider founding team members are industry veterans from analytics, big data, and the predictive modeling world. x.ai is based in New York City.
For more details about x.ai, inc., visit our corporate website at x.ai or simply see how Amy schedules your meetings. For press inquiries, please email stefanie@human.x.ai.

About Two Sigma Ventures
Two Sigma Ventures, a division of Two Sigma Investments, seeks to invest in companies that push the boundaries of an industry and bring real progress to the world, by harnessing the power of data science, machine learning, distributed computing, artificial intelligence, advanced hardware, and related fields.

Media Contact: Stefanie Syman, x.ai, (917) 453-6470, stefanie@human.x.ai

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SOURCE x.ai



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