Agolo Creates The Largest Dataset Of Summaries In Existence — Products Powering News Summarization Poised to Transform Finance
New York, NY (May 3, 2017) — Agolo, a pioneer in the NYC artificial intelligence community, has closed a Seed round of $3.5 million dollars, co-led by CRV and Microsoft Ventures, which positions the company to transform the way financial service analysts do their jobs. Point72 Ventures and Franklin Templeton also invested in Agolo in this Seed round.
Agolo, which powers the world’s largest media companies as they summarize their news on Facebook and Amazon’s Alexa, uses contextual AI to allow people to focus on what they do best — drive sound business decisions. Agolo’s technology replicates the ingenuity of the human mind by analyzing content through the identification of various subjects and drawing connections between them. Their AI engine is powered by the largest dataset of summaries in existence which was assembled through their media partnerships.
Agolo’s algorithms comprehend text and data, empowering users to consume more information at higher efficiency levels. It maximizes the only resource that cannot be replicated: time. Analysts can then spend their finite hours thinking creatively, instead of summarizing information. In the next phase, Agolo will expand its reach by providing its platform and technology to asset managers and investment banks.
“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 co-founder 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.”
“The ability for humans to process mass amounts of information quickly is extremely limited, making summarization key to digesting data efficiently,” said 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.”
“As data continues to expand exponentially, we face an acute need for tools that can ingest mega levels of information and provide us with the insights we seek,” said Jon Auerbach, General Partner at CRV. “Agolo’s summarization technology allows anyone from financial analysts, to everyday consumers of voice apps, to find the information they want quickly and efficiently, without wading through vast sums of details. CRV is proud to be partnering with Sage and Mohammed, who have a compelling vision for improving our world through instant, keen insights.”
“This is game changing for those whose livelihoods depend on data accuracy and speed to action to make high stakes decisions,” said Mohamed AlTantawy, CTO and co-founder 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.”
In addition to exciting work with the largest media and financial services firms, the company is poised to integrate summarization into additional platforms, such as Slack, in addition to chat, voice, and video. The recently closed Seed round will support recruiting and engineering efforts through 2017 and beyond.
Agolo helps readers get to the point faster, by applying the world’s most advanced summarization software to text. The company’s AI platform can analyze thousands of documents and produce a summary of the five key points, specific to the reader’s interests, in real-time. In a world overwhelmed by content, Agolo enables efficient consumption so readers can spend more time thinking. For more about Agolo, pricing, or to request a trial demo, please visit https://agolo.com.
About Microsoft Ventures
Microsoft Ventures is the corporate venture arm of Microsoft, (Nasdaq “MSFT” @microsoft) the leading platform and productivity company for the mobile-first, cloud-first world. Microsoft Ventures partners with visionary entrepreneurs looking to drive digital transformation. As part of its promise to portfolio companies, Microsoft Ventures offers unrivaled access to go-to-market resources and strategic relationships globally. Microsoft Ventures currently operates in San Francisco, Seattle, New York, Tel Aviv and London. Learn more here.
CRV has been a leading investor in early-stage technology companies for almost half a century. The firm has backed nearly 400 startups in its 47-year history, including foundational companies like Twitter, Zendesk, Amgen, Hubspot, Parametric Technologies, Yammer, EqualLogic and Sonus Networks. Half of the companies CRV has backed have gone public or been acquired. The firm focuses on enterprise, consumer and deep insight bioengineering.