DVI Equity Partners, LLC (DVI), along with VT Companies and DF Enterprises, announced an investment in Luminoso Technologies’ Series B round of financing. Luminoso’s award-winning software applies artificial intelligence (AI) and natural language processing (NLP) to derive insights from text-based and unstructured data such as contact center interactions, chat-bot and live chat transcripts, product reviews, open-ended survey responses and email. The software natively analyzes text in fourteen languages, as well as emoji. Terms of the investment were not disclosed.
“Luminoso is a remarkable company and well-positioned to be a NLP technology leader,” said DVI Managing Partner Robert Griffin, who led the investment and will soon join the Luminoso board of directors. “They are automating data analysis that once took hundreds and even thousands of human hours, enabling global enterprises to unlock the voice of their customers, employees, product design team and more to optimize their operations, brand and customer experience.”
Luminoso was recently listed in “The Gartner Marketing Technology Vendor Guide, 2018” report as a Cool Vendor*. Luminoso was also cited as a Sample Vendor in the Gartner “Hype Cycle for Digital Marketing and Advertising, 2018” report in the “Artificial Intelligence for Marketing” category. According to Gartner analyst Bryan Yeager in the report, “Near-term business impacts of AI for marketing center on making insight generation and prediction faster, more accurate and more actionable.”
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“Luminoso is in a time of unprecedented growth and opportunity,” said Luminoso CEO Adam Carte. “We are excited to partner with three well-capitalized and sophisticated family office investors in this next stage of our development. In particular, we believe DVI’s experience with and knowledge of the data analysis and artificial intelligence space will strengthen and help expand our leadership position in AI and NLP markets.”
According to the Markets and Markets report titled “Natural Language Processing Market,” the NLP market size is estimated to grow from $7.63 Billion in 2016 to $16.07 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 16.1 percent.