NEW YORK, July 23, 2024 /PRNewswire/ — Cypris, a leading AI research platform for R&D teams, today announced the successful completion of a $5.3 million venture funding round. The financing was led by Vocap Partners, with co-investors Activate Venture Partners and BlueTree Capital. The company’s institutional investors also include York IE and K20 Fund. This funding will accelerate the scaling of their AI-powered platform built to strengthen innovation-focused research for global R&D teams.
U.S. R&D teams spend over $130 billion annually on research but struggle to keep up with the flood of information about global innovation. Current research tools and services often leave them trying to find a needle in a haystack, resulting in wasted time or missed insights on key topics. Meanwhile, disruptive technologies in AI, quantum computing, biotech, robotics, and other fields are creating paradigm shifts within markets forcing companies to contemplate their own innovation strategies on a regular basis. Through Cypris’ artificial intelligence and growing database of over 500M technical and commercial data points, organizations can access a single source for critical strategic and technical questions, get immediately to what’s relevant, monitor key topics and competition, and gain powerful insights that others may miss.
“We’re incredibly excited to be partnered with the Vocap team and put this capital to work to further our mission”, said Steve Hafif, Co-Founder and CEO of Cypris. “What we’ve all experienced over the last few years with the acceleration of AI is just the tip of the iceberg of what’s to come in terms of rapid technological disruption. Every organization around the world is questioning how their markets are going to evolve over the next decade. Without a clear picture of the ongoing state of innovation within their field, they’re flying blind.”
“Cypris is revolutionizing how organizations approach research and development by providing unparalleled access and automation to surface critical data and insights”, said Mike Becker, Managing Partner of Vocap Partners. “Research that took days now takes minutes. Key information overlooked until too late in an R&D process is now identified up front. Expensive third-party consulting projects are now automated and accelerated. Cypris is uniquely positioned to help R&D teams navigate the complexities of rapid technological change and we are excited to support their journey towards becoming a global leader in this space.”
Cypris’ growing customer base includes leading Fortune 100 organizations, government agencies, universities, and research institutions. Their offering includes an AI-powered research platform with LLM-driven insights, semantic search, advanced data monitoring, and more, in addition to a team of data analysts working on bespoke research using their focused technical database.
About Cypris:
Cypris is a market intelligence platform built for research and development and innovation teams. Designed to serve as a single ecosystem for global innovation data, the Cypris platform allows users to gain unique insights from 500M+ global data points to answer key questions about their market, competitors, core technologies, and more to support new product development, commercial strategy, and accelerate global innovation. To learn more about Cypris and how they help R&D and innovation teams, visit their website.
About Vocap Partners
Vocap Partners provides capital, connections, and operational know-how to emerging B2B software and healthcare IT companies with disruptive potential. With offices in Atlanta, Georgia, and Vero Beach, Florida, Vocap has a strong track record of building and realizing value alongside entrepreneurs. To learn more, visit their website.
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SOURCE Cypris
