ScoutinScience, a Holten, Netherlands-based company that uses AI to scout for technologies with market potential, announced that it raised seed funding from investment firm Lumana Invest.
The funds will be used to expand its sales and development activities and accelerate its growth trajectory.
Gilles Meijer, CEO of ScoutinScience, says, “This investment is a major milestone for us, and we’re excited about the future of ScoutinScience. We look forward to expanding our reach into the international market, further developing our AI algorithm, and growing our team.”
ScoutinScience intends to employ artificial intelligence to uncover undiscovered research and business opportunities. The company specializes in collecting, organizing, analyzing, and rating scientific publications obtained from various public and commercial data sources.
Natural language processing (NLP) techniques from the company, including BERT models, are utilized to calculate each paper's Business Potential Score (BPS), which measures its technical transferability.
Within the next five years, ScoutinScience hopes to double worldwide tech transfer production, resulting in twice as many spin-offs, industrial collaborations, and success stories.
Company: ScoutinScience B.V.
Round: Seed Round
Funding Month: April 2023
Lead Investors: Lumana Invest
Company Website: https://scoutinscience.com/
Software Category: AI-based Tech Transfer Scouting
About the Company: Founded in 2020 by Gilles Meijer (also the co-founder of Golden Egg Check) and Menno Noorlander, ScoutinScience develops the SiS-AI platform technology that scouts for the hidden gems with high business potential in all scientific (pre-)publications available. The company supports bringing research results to the market by scanning scientific papers from various sources and ranking them in a cohesive database based on their business potential. The company believes that AI technology and big data can be used to identify technology opportunities in science, resulting in more innovations and social impact.