AI startup Shelf.io with an office in Lviv raises $52.5M
26 August, 2021, 12:03
US-based startup Shelf.io announced the raising of a $52.5 million B round. It develops a knowledge automation platform, and almost all of its product team is based in Lviv.
- The round was co-led by Tiger Global and Insight Partners. According to TechCrunch, the startup had previously raised $8.2 million.
- The startup itself says its ARR (annual recurring revenue) quadrupled from July 2020 to July 2021.
- The Shelf.io team is working on a service that helps companies quickly find the information they need from corporate sources. It runs on AI, plugs into a company’s information systems, learns from the data, and then helps employees get the necessary information. According to Shelf.io, workers spend about 19% of their time on such tasks (and also on finding colleagues who could help with this).
- For example, the service can connect and learn from data from Salesforce, SharePoint, or Zendesk. The most obvious niche for such a service is support employees – it can help them find answers to user questions faster. Also, such a service can be useful for automating the operations of sales departments.
- According to Sergey Shelpuk, Vice President, Data Science at Shelf.io, most of the startup’s product team is located entirely in Ukraine, including co-founder & CTO and product managers.
- Currently, the company has over 50 job openings: front-end, back-end, BA, product managers, QA, AI/machine learning, and others. Among other things, the startup plans to use the funds raised to expand its staff.