Mycroft AI inks $1.75M in oversubscribed round, battling Amazon, Google
January 12, 2018 | Bobby Burch
In a quiet room amid the chaos of the Consumer Electronics Show in Las Vegas, Mycroft AI CEO Josh Montgomery gleefully told Startland News Friday that his tech firm raised a significant seed round.
Mycroft recently raised a $1.75 million round that will help the Kansas City-based artificial intelligence startup accelerate hiring plans and corporate partnerships. The seed round exceeded the firm’s goal by more than $1 million, Montgomery said.
“It’s fantastic — it shows we’re in an exciting space and positions the company for huge success,” Montgomery said. “It’s exciting to be growing a company in Kansas City.”
Mycroft created an open-source voice assistant similar to Apple’s Siri, Microsoft’s Cortana or Amazon’s Alexa. The firm’s Mark I device — which raised $335,000 in a Kickstarter campaign — uses natural language processing technology to enable its everyday use in a consumer’s home.
A 2016 Sprint Accelerator grad, Mycroft AI will be deploying a smart speaker — the Mark II — via a Kickstarter campaign Jan. 25.
Among those joining in the seed round were the Missouri Technology Corporation, Kansas City-based Northland Angels, Deep Space Ventures, TechNexus and Social Starts, Montgomery said. The local support is meaningful to Mycroft, Montgomery said.
“It shows Kansas City has an up-and-coming startup scene,” Montgomery said. “There’s funding available for good ideas with solid execution.”
With an open-source, open-hardware approach, Mycroft allows users across the globe to develop software and hardware add-ons. Already working with Jaguar Land Rover, Mycroft aims to be a neutral integration for other corporations that view Google or Amazon as competition.
“Lots of companies want to deploy voice assistants but aren’t excited about sending their data to big tech,” Montgomery said. “This positions us for success with corporate engagements.”
Mycroft AI hopes to hire up to 40 staffers in 2018 to build out its software and business development teams, Montgomery said.
Mycroft AI was named a Startland Top Startup to Watch in 2017. To watch Montgomery in a full video interview with Techcrunch, check out the video below.
Featured Business
2018 Startups to Watch
stats here
Related Posts on Startland News
Amid success, the Kansas City Startup Village is shrinking
It’s Nov. 13, 2012, and Kansas City’s Spring Valley neighborhood is in a frenzy. TV vans line the streets near 4454 State Line Road, the first house to receive Google’s ultra fast Internet service in the Kansas City, Kan. neighborhood. Reporters jockey for access to a handful of entrepreneurs and techies that moved to area…
Why coastal investors ignore the Midwest and what’s next for federal startup policy
Here are this week’s watercooler conversation-starters on why inland states struggle to find funding, coming issues in federal entrepreneurship policy and the success of innovation districts that are cropping up around the U.S. (and in Kansas City). More in this series here. International Business Times: Finding venture capital far from the coasts Of the $48.3…
Ebb and flow: The Kansas City Startup Village by the numbers
Startland News created an infographic on the growth and shrinkage of the Kansas City Startup Village since its 2012 founding. Here’s a colorful interpretation of its ebb and flow, as presented by Startland’s Kat Hungerford. Read more about the KCSV’s history, successes and possible future here.
Shawnee passes tax measure to attract startups
A tax incentive program that aims to attract high-growth startups to the City of Shawnee unanimously passed a city vote, paving the way for firms to tap a variety of benefits to alleviate initial costs. The city council voted 8-0 on the “Startup Workforce Relocation and Expansion Program,” which aims to encourage job growth and…