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
Target Hill Capital defusing risk on startups between friends and family, seed funding stages
An opportunity to deliver exponential impact in a community committed to entrepreneurship has resulted in the launch of Target Hill Capital –– an outside-the-box venture capital fund, Marshall Dougherty said. “When we were involved [with previous startups], we compared notes and surveyed the startup ecosystem in Kansas City,” Dougherty said of the events that led…
Lenexa-based Aloe soothes health insurance enrollment pains with human touch
A patient’s “wow” moment shouldn’t be when he or she opens a medical bill and discovers procedures that unexpectedly aren’t covered by insurance, said Andrew Belt, co-founder of Aloe. “People are frustrated — frustrated because they don’t understand how their coverage works or what’s included, and it doesn’t seem like anyone they talk to understands,”…
LendingStandard plans innovation upgrade with $2.5M investment from Flyover Capital
An investment in innovation has landed Kansas City-based LendingStandard $2.5 million in investment funds following the close of a Series A funding round led by Flyover Capital, CEO Andy Kallenbach said. “These are folks that are well-known in Kansas City and have had software businesses in the past, and that’s a really rare combination,” Kallenbach…
Don’t just play the game: MECA Challenge urges students to innovate ‘school of the future’
Challenging Kansas City students to envision “the school of the future” will usher in a paradigm shift wherein teens can see themselves as customers of school, said Katie Kimbrell optimistically. “[Students] don’t even think, ‘Oh, I could rethink this whole thing that I’m experiencing,’ and choose — or even demand — something different,” said Kimbrell,…