Funds for Innovation Marketing Intell Platform Cypris

New York-based Cypris, a market intelligence platform built for R&D and innovation teams, has raised $4m in a Series A round of funding, which it will invest in AI applications designed to help decrease 'time to insights' for users, and to create new opportunities for innovation discovery.

Launched two years ago by CEO Steve Hafif (pictured), the Cypris platform is used to run queries on keywords, competitor names and 'forward-looking concepts', and then delivers an automated and interactive report built on the historical and current status of innovation in the field or company. The data is pulled from a large proprietary database that the Cypris team curates and updates daily, and which consists of major datasets including research papers, patents and product launch news.

New funding was led by York IE, with participation from institutional co-investors, Activate VP, K20 Fund & BlueTree Capital. Joe Rackza, co-founder and Managing Partner, York IE, comments: 'We've found that Cypris is becoming a core part of an R&D team's basic research process. Users are spending time at the earliest level of a project to build reports surrounding keywords and competitors within a landscape, then adding robust monitoring links to have updates come to them. This gives teams the chance to develop with confidence, and spend less time on dashboards and more time in the lab'.

Web site: www.ipcypris.com .