Unstructured, a pioneering firm in large language model (LLM) data preprocessing solutions, has successfully closed its Seed and Series A funding rounds, accumulating a total of $25m.
The funding round was spearheaded by Madrona, with active involvement from Bain Capital Ventures, the seed lead, alongside M12 Ventures, Mango Capital, MongoDB Ventures, and Shield Capital. Several prominent angel investors also took part, including Harrison Chase of LangChain, Bob van Luijt of Weaviate, and Josh Lefkowitz of Flashpoint. Madrona Managing Director Karan Mehandru and Bain Capital Ventures Partner Enrique Salem have joined Unstructured’s board of directors following the funding.
Unstructured, fast-becoming a leading name in data transformation, has made it effortless for enterprises to utilise their natural language data in conjunction with LLMs, irrespective of file type, document layout, or location. This function is of immense significance as over 80% of enterprise data is housed within documents and unstructured files. With over 700,000 downloads and incorporation into over 2,400 GitHub repos, Unstructured stands at the forefront of LLM data preprocessing, enabling companies to tap into their unstructured data at a speed and convenience previously unheard of.
Unstructured plans to utilise the newly secured funds to further its innovative approach to LLM data preprocessing. It aims to become an essential product for every business, helping them to leverage their proprietary data and ingest it more effectively. The company also launched a single API, alongside more than 15 production-grade data connectors, to accelerate data preprocessing and access.
In addition to these advancements, Unstructured is strengthening its advisory board, welcoming retired General Michael Groen, former Director of the Joint Artificial Intelligence Center at the Pentagon, Mike Brown, former Director of the Defense Innovation Unit, and Ryan Lewis, a veteran of In-Q-Tel and AWS National Security.
Bain Capital Ventures partner Enrique Salem said, “We led the seed round and doubled down on our investment because we believe in Unstructured’s unique approach to LLM data preprocessing, which will help companies leverage their proprietary data and be able to effectively ingest it. Unstructured will become a must-have product for every business.”
Unstructured’s history of previous funding includes Phase I and two Phase II Small Business Innovation and Research contracts by the U.S. Air Force and U.S. Space Force. In addition, Unstructured has collaborated with U.S. Special Operations Command (SOCOM) on the first deployment of an LLM on a stand-alone system and with mission-relevant data.
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global