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Contxto – MonkeyLearn, an Uruguayan no-code and low-code Artificial Intelligence (AI) startup, today (7) announced that it had struck a seed round worth US$2.2 million.
The money will be spent chiefly into formalizing its sales team as its tried and tested platform tries to reach companies further afield.
Furthermore, reports contend that the product is not quite in its final form. So, no doubt the millions-worth of investment will also be spent in boosting its AI capabilities.
Raúl Garreta, co-Founder and CEO, hopes that soon MonkeyLearn will be going beyond basic data analysis—your bog-standard pattern detection, for instance—and leap towards full-blown data visualization.
This will mean that from plugging in a spreadsheet full of numbers into MonkeyLearn you’ll be able to produce graphs and charts that show you the complexity of what your data is actually saying in all its glory.
What is no-code AI?
“We are believers that low complexity, monotonous and boring work should not be done by people, machines must do it,” MonkeyLearn said in an interview with Contxto back in 2019.
This is the case now more than ever and it is the promise that AI has dangled right out of our reach for decades. Often, the problem is that us mere mortals are not adept enough at coding or algorithms to harness this already existing technology.
This is where MonkeyLearn comes in, providing companies with a plug-and-play AI to sort their particular needs.
But, how does this no-code AI work?
Well, the startup’s tool allows companies to both extract and classify text in order to make an accurate and complete analysis of all the data. This can be information placed on a standard spreadsheet.
Then, the AI is trained to group text into categories or tags.
The resulting info that emerges from this tool helps detect and sort the information you’ve trained it to analyze, leading to a lot of help when looking through and responding to things like client feedback.
Reform, not revolution, has defined AI and MonkeyLearn so far
Contxto reviewed MonkeyLearn all the way back in October, 2019.
One thing is pretty clear from following this startup’s footsteps over the course of its development; AI is a revolutionary technology that is transforming the world one step at a time.
MonkeyLearn’s journey has been a reflection of this reality. Indeed, this is not the startup’s first funding round. They have raised four prior pre-seed investments, the latest one landing in July of last year with Uncork Capital and Bling Capital.
And guess what? This current round is just their first seed round. That should say a lot to both the over-hypers that insist in claiming that the AI-dominated world is nigh, as well as to the naysayers who snarkily point at how slow actual development has been.
Change will come, but it will take blood, sweat, and years.
Furthermore, MonkeyLearn clearly understands the progressive approach is better than the one that burns one out in a glorious flash. And this has applied to their logic in this funding round as well.
In an interview with TechCrunch, the startup claimed that “it could have raised double in its seed round what it wound up accepting.” Although no further details are given, it is safe to say that there is a strategic long-term vision behind saying no to the allure of a pile of cash.
Artificial Intelligence will come of age, and perhaps when it does, it will hit a critical mass that will be completely revolutionary. But, until then, slow and steady has been winning the AI race.
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