Enterprise NLP Search Engine Startup Deepset Raises $14M
Enterprise natural language processing (NLP) search developer Deepset has raised $14 Million in a Series A funding round led by GV, once known as Google Ventures. The startup, best known for creating open-source NLP software collection Haystack, simultaneously unveiled its new Deepset Cloud subscription service for businesses looking to build NLP software, a $16.53 billion market in 2020, according to a Fortune Business Insight report.
Deepset’s Haystack toolkit offers developers ways to build APIs for enterprise search engines that can understand and respond to imprecise wording and specific questions by sorting through connected databases and documents, or summarizing them as needed. The software can also augment AI-powered virtual assistants to proactively recommend documents based on the user’s ongoing project. The tools are used for purposes like helping engineers find the right technical documentation and assessing business financial outlooks.
“There is high demand for NLP powered software. Enterprises are looking for full-stack NLP services and frameworks that allow them to build rapidly, reliably, and integrate with existing business applications,” Deepset CEO Milos Rusic said. “At Deepset, we’re building the missing piece between data and software applications — allowing end users to access, write and even create data just with the power of language. Deepset is helping machines understand language better, and we’re doing this for each and every software tool.”
While Haystack offers a lot of customization options for companies with developer teams able to incorporate it into their projects. Deepset Cloud service is for For those clients that would rather have a pipeline for integrating NLP. The new service compiles an API to perform whatever NLP needs the client has, whether a search engine or document summarization tool. Deepset is aiming the new product to bigger companies who may have more complex or varied demands over time. Further developing Deepset Cloud is central to the new funding round, accounting for nearly all of the $15.6 million raised in total by Deepset. The company is planning to add more ways to employ Deepset Cloud’s NLP and upping its potential integration connections.