Repsense secures nearly €1 million in funding from existing investors
Repsense, a promising artificial intelligence startup that made its debut just last year, has earned the trust and backing of its existing investors. In the recent "preseed extension" investment agreement finalized on Friday, venture capital funds Iron Wolf Capital have already reaffirmed their commitment to the company. Coinvest Capital, in collaboration with private angel investors, will also be joined by the newly introduced Baltic Sandbox Ventures, collectively contributing EUR 0.8 million in funding.
Notably, in the previous year, Repsense had secured substantial backing from Iron Wolf Capital and Coinvest Capital along with angel investors, amassing a total of EUR 0.5 million in funding.
The startup's ambitions are nothing short of impressive. As Mykolas Katkus, co-founder and CEO of Repsense, put it, "We have a grand vision - to create a globally competitive platform for the analysis of public information sources. With the emergence of large language models, we recognized the need to significantly enhance our product. That's precisely what we've done, pioneering one of the world's first next-generation text analysis tools." Notably, Repsense's platform is already making waves, with businesses, media monitoring firms, and communication agencies worldwide incorporating it into their operations.
Viktorija Trimbel, Head of Coinvest Capital, who led the negotiations, pointed out that companies with dual-purpose technology, like Repsense, are increasingly catching the eye of global investors. She observed, "In the past, innovations primarily originating from the defense industry often found applications in civilian and business domains. Now, the tables have turned, with groundbreaking discoveries by business innovators finding utility in the realms of national security and defense. Our team of experts and co-invested angels firmly believes that Repsense's technology stands a strong chance of achieving success in both defense and business."
Žygimantas Susnis, Partner at Iron Wolf Capital, emphasized Repsense's appeal. He noted that Repsense is addressing a critical need in a communications market that has been inadequately automated. "AI-based systems are poised to revolutionize various sectors, and communication is no exception. The growth prospects for the company are promising," stated the fund's managing partner.
“Repsense's innovative "Adler model" enables rapid and high-quality analysis of publicly published texts. This capability holds significant relevance for businesses, public organizations, as well as the field of state security, where it plays a crucial role in identifying and evaluating the impact of hostile propaganda and fake news”, Alfredas Chmieliauskas, co-founder of Repsense and head of research and modeling at Adler, underscored the model's significance.
Audrius Milinavičius, Partner at Baltic Sandbox Ventures, a fund specializing in deep technology and life sciences, joined Repsense as an investor, highlighting the potential for success when startups invest in research and engineering solutions. He mentioned, "At Baltic Sandbox Ventures, we nurture early-stage ideas through incubation and acceleration programs, focusing on companies developing new "deep tech" concepts. We were impressed by the Repsense team's expertise and the models they've developed, and we believe such solutions have a promising niche in the market."
Darius Antanaitis, one of the business angels who invested, shared that he was motivated to join the investment due to the potential of Repsense's product. He stressed the importance of distinguishing between real and fabricated information in today's data-driven world, highlighting how the Repsense model is precisely what's needed to ensure informed decisions and actions are based on accurate information.
Repsense's core mission involves tracking and evaluating publicly available internet information and providing services to corporations, media monitoring firms, and communication agencies worldwide. Collaborating with Kantar, an international market research company, Repsense has introduced an integrated communication process evaluation dashboard. Repsense, co-founded by data scientist Alfredas Chmieliauskas and communications specialist Mykolas Katkus, continues to chart an exciting trajectory in the world of artificial intelligence and text analysis.