Enterprise natural language processing (NLP) research developer Deepset has raised $14 million in a Series A funding round led by GV, formerly known as Google Ventures. The startup, best known for creating the open-source NLP software collection Haystack, simultaneously unveiled its new Deepset Cloud subscription service for companies looking to build NLP software, a $16.53 billion market in 2020. according to a Fortune Business Insight report.
Deepset’s Haystack Toolkit provides developers with ways to build APIs for enterprise search engines that can understand and answer imprecise wordings and specific questions by sorting or sorting connected databases and documents. summarizing if necessary. The software can also augment AI-powered virtual assistants to proactively recommend documents based on the user’s current project. The tools are used for purposes such as helping engineers find the right technical documentation and assessing the company’s financial outlook.
“There is a strong demand for software powered by NLP. Enterprises are looking for comprehensive NLP frameworks and services that allow them to quickly, reliably build and integrate with existing business applications,” said Milos Rusic, CEO of Deepset. “At Deepset, we build the missing piece between data and software applications, enabling end users to access, write and even create data with the power of language alone. Deepset helps machines better understand language , and we do this for every software tool.”
While Haystack offers plenty of customization options for businesses with developer teams able to integrate it into their projects. The Deepset Cloud service is for customers who prefer to have a pipeline to integrate NLP. The new service compiles an API to run everything the client needs in NLP, whether it’s a search engine or a document summarizing tool. Deepset is targeting the new product at larger companies that may have more complex or varied demands over time. The continued development of Deepset Cloud is at the heart of the new funding round, accounting for nearly all of Deepset’s total $15.6 million raised. The company plans to add more ways to use Deepset Cloud’s NLP and increase its potential integration connections.
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