Dec
04
2018
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Forethought scores $9M Series A in wake of Battlefield win

It’s been a whirlwind few months for Forethought, a startup with a new way of looking at enterprise search that relies on artificial intelligence. In September, the company took home the TechCrunch Disrupt Battlefield trophy in San Francisco, and today it announced a $9 million Series A investment.

It’s pretty easy to connect the dots between the two events. CEO and co-founder Deon Nicholas said they’ve seen a strong uptick in interest since the win. “Thanks to TechCrunch Disrupt, we have had a lot of things going on including a bunch of new customer interest, but the biggest news is that we’ve raised our $9 million Series A round,” he told TechCrunch.

The investment was led by NEA with K9 Ventures, Village Global and several angel investors also participating. The angel crew includes Front CEO Mathilde Collin, Robinhood CEO Vlad Tenev and Learnvest CEO Alexa von Tobel.

Forethought aims to change conventional enterprise search by shifting from the old keyword kind of approach to using artificial intelligence underpinnings to retrieve the correct information from a corpus of documents.

“We don’t work on keywords. You can ask questions without keywords and using synonyms to help understand what you actually mean, we can actually pull out the correct answer [from the content] and deliver it to you,” Nicholas told TechCrunch in September.

He points out that it’s still early days for the company. It had been in stealth for a year before launching at TechCrunch Disrupt in September. Since the event, the three co-founders have brought on six additional employees and they will be looking to hire more in the next year, especially around machine learning and product and UX design.

At launch, they could be embedded in Salesforce and Zendesk, but are looking to expand beyond that.

The company is concentrating on customer service for starters, but with the new money in hand, it intends to begin looking at other areas in the enterprise that could benefit from a smart information retrieval system. “We believe that this can expand beyond customer support to general information retrieval in the enterprise,” Nicholas said.

Nov
30
2018
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DoJ charges Autonomy founder with fraud over $11BN sale to HP

U.K. entrepreneur turned billionaire investor Mike Lynch has been charged with fraud in the U.S. over the 2011 sale of his enterprise software company.

Lynch sold Autonomy, the big data company he founded back in 1996, to computer giant HP for around $11 billion some seven years ago.

But within a year around three-quarters of the value of the business had been written off, with HP accusing Autonomy’s management of accounting misrepresentations and disclosure failures.

Lynch has always rejected the allegations, and after HP sought to sue him in U.K. courts he countersued in 2015.

Meanwhile, the U.K.’s own Serious Fraud Office dropped an investigation into the Autonomy sale in 2015 — finding “insufficient evidence for a realistic prospect of conviction.”

But now the DoJ has filed charges in a San Francisco court, accusing Lynch and other senior Autonomy executives of making false statements that inflated the value of the company.

They face 14 counts of conspiracy and fraud, according to Reuters — a charge that carries a maximum penalty of 20 years in prison.

We’ve reached out to Lynch’s fund, Invoke Capital, for comment on the latest development.

The BBC has obtained a statement from his lawyers, Chris Morvillo of Clifford Chance and Reid Weingarten of Steptoe & Johnson, which describes the indictment as “a travesty of justice,”

The statement also claims Lynch is being made a scapegoat for HP’s failures, framing the allegations as a business dispute over the application of U.K. accounting standards. 

Two years ago we interviewed Lynch onstage at TechCrunch Disrupt London and he mocked the morass of allegations still swirling around the acquisition as “spin and bullshit.”

Following the latest developments, the BBC reports that Lynch has stepped down as a scientific adviser to the U.K. government.

“Dr. Lynch has decided to resign his membership of the CST [Council for Science and Technology] with immediate effect. We appreciate the valuable contribution he has made to the CST in recent years,” a government spokesperson told it.

Oct
18
2018
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Seva snares $2.4M seed investment to find info across cloud services

Seva, a New York City startup, that wants to help customers find content wherever it lives across SaaS products, announced a $2.4 million seed round today. Avalon Ventures led the round with participation from Studio VC and Datadog founder and CEO Olivier Pomel.

Company founder and CEO Sanjay Jain says that he started this company because he felt the frustration personally of having to hunt across different cloud services to find the information he was looking for. When he began researching the idea for the company, he found others who also complained about this fragmentation.

“Our fundamental vision is to change the way that knowledge workers acquire the information they need to do their jobs from one where they have to spend a ton of time actually seeking it out to one where the Seva platform can prescribe the right information at the right time when and where the knowledge worker actually needs it, regardless of where it lives.”

Seva, which is currently in Beta, certainly isn’t the first company to try to solve this issue. Jain believes that with a modern application of AI and machine learning and single sign-on, Seva can provide a much more user-centric approach than past solutions simply because the technology wasn’t there yet.

The way they do this is by looking across the different information types. Today they support a range of products including Gmail, Google Calendar, Google Drive,, Box, Dropbox, Slack and JIRA, Confluence. Jain says they will be adding additional services over time.

Screenshot: Seva

Customers can link Seva to these products by simply selecting one and entering the user credentials. Seva inherits all of the security and permissioning applied to each of the services, so when it begins pulling information from different sources, it doesn’t violate any internal permissioning in the process.

Jain says once connected to these services, Seva can then start making logical connections between information wherever it lives. A salesperson might have an appointment with a customer in his or her calendar, information about the customer in a CRM and a training video related to the customer visit. It can deliver all of this information as a package, which users can share with one another within the platform, giving it a collaborative element.

Seva currently has 6 employees, but with the new funding is looking to hire a couple of more engineers to add to the team. Jain hopes the money will be a bridge to a Series A round at the end of next year by which time the product will be generally available.

Sep
05
2018
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Forethought looks to reshape enterprise search with AI

Forethought, a 2018 TechCrunch Disrupt Battlefield participant, has a modern vision for enterprise search that uses AI to surface the content that matters most in the context of work. Its first use case involves customer service, but it has a broader ambition to work across the enterprise.

The startup takes a bit of an unusual approach to search. Instead of a keyword-driven experience we are used to with Google, Forethought uses an information retrieval model driven by artificial intelligence underpinnings that they then embed directly into the workflow, company co-founder and CEO Deon Nicholas told TechCrunch. They have dubbed their answer engine “Agatha.”

Much like any search product, it begins by indexing relevant content. Nicholas says they built the search engine to be able to index millions of documents at scale very quickly. It then uses natural language processing (NLP) and natural language understanding (NLU) to read the documents as a human would.

“We don’t work on keywords. You can ask questions without keywords and using synonyms to help understand what you actually mean, we can actually pull out the correct answer [from the content] and deliver it to you,” he said.

One of first use cases where they are seeing traction in is customer support. “Our AI, Agatha for Support, integrates into a company’s help desk software, either Zendesk, Salesforce Service Cloud, and then we [read] tickets and suggest answers and relevant knowledge base articles to help close tickets more efficiently,” Nicholas explained. He claims their approach has increased agent efficiency by 20-30 percent.

The plan is to eventually expand beyond the initial customer service use case into other areas of the enterprise and follow a similar path of indexing documents and embedding the solution into the tools that people are using to do their jobs.

When they reach beta or general release, they will operate as a cloud service where customers sign up, enter their Zendesk or Salesforce credentials (or whatever other products happen to be supported at that point) and the product begins indexing the content.

The founding team, mostly in their mid-20s, have had a passion for artificial intelligence since high school. In fact, Nicholas built an AI program to read his notes and quiz him on history while still in high school. Later, at the University of Waterloo, he published a paper on machine learning and had internships at Palantir, Facebook and Dropbox. His first job out of school was at Pure Storage. All these positions had a common thread of working with data and AI.

The company launched last year and they debuted Agatha in private beta four months ago. They currently have six companies participating, the first of which has been converted to a paying customer.

They have closed a pre-seed round of funding too, and although they weren’t prepared to share the amount, the investment was led by K9 Ventures. Village Global, Original Capital and other unnamed investors also participated.

Feb
09
2017
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Swiftype launches a new product to help companies search across Dropbox, Office, G Suite and more

Swiftype Swiftype started out helping publishers like TechCrunch offer better site search, but it’s been expanding into other areas like customer support and e-commerce. Now it’s making its biggest leap yet, with the launch of an enterprise search product. Basically, Swiftype is offering large and small businesses a place where they can search all their documents and files across a variety… Read More

Dec
10
2015
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Elastic Joins Azure Marketplace As It Strengthens Relationship With Microsoft

Search box with word enterprise in it. Elastic announced today that it was deepening its relationship with Microsoft by adding its open source and commercial products to the Microsoft Azure Marketplace. Elastic (which used to be known as ElasticSearch) has been working with Microsoft for some time. It runs search on MSN.com, is embedded in Microsoft Dynamics CRM and also built into the Azure framework. With today’s… Read More

Jun
05
2014
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ElasticSearch Scores $70M In Series C To Fund Growth Spurt

Man working in front of computer. ElasticSearch announced $70M in Series C funding today just 18 months after forming the company. Company executives say they will use the money to continue to drive their phenomenal growth. This round is being led by New Enterprise Associates (NEA). Additional funders include Benchmark Capital and Index Ventures. It brings total funding to date to $104M. It’s said when a child… Read More

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