AI-powered enterprise search engine raffle.ai announces Series A to advance the way the world accesses data.
The startups builds what they describe as the next generation of enterprise search engine, powered by artificial intelligence. Today they announced that they have raised an € 16 million ($18M) commitment from K1 Investment Management, a leading investment firm focused on high-growth enterprise software companies. In the round the Danish growth fund, Vækstfonden VC, participated. The Series A funding allows raffle.ai to more than double headcount by the end of 2022 and continue its expansion into the European and US markets.
Unique position in huge market
The startup has developed a next-gen enterprise search engine, which equips employees and customers with quick, accurate answers to questions and intelligent free text search into relevant documents and images within the company or enterprise.
“Search is an unresolved pain in many organizations and represents a huge efficiency potential in daily work routines. The raffle.ai team has done an incredible job of building a platform that marries next-gen search technology with fast time-to-value, and we couldn’t be more excited to support the company in its next phase of growth.” said Kellen Haines, Principal at K1. “
The multi-billion-dollar enterprise search market continues to see growth as customer and prospect data requirements proliferate. In addition to a user-friendly search experience, raffle.ai also benefits from rapid, AI-powered customer implementations.
“We are typically up and running with a full solution with our customers in a few hours or days, while many of our competitors have to spend months before going live,” said Suzanne Lauritzen, CEO and founder of raffle.ai.
“Additionally, once the platform is in place, our customers are seeing drastic reductions in support calls, tickets and search times, resulting in significant savings. We look forward to the partnership with K1 to further expand our global footprint.”