After $4.5 million seed round, Adeptmind launches to help retailers with accurate online search

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Adeptmind officially announced the launch of its deep learning company following a $4.5 million seed round from Fidelity Investments in March.

The company has raised $5.5 million to date.

“We want to give online shoppers the best knowledge in the least amount of time; in-store salespeople know the inventory inside and out and can offer the best recommendations for whatever you may need – we’re recreating that experience with Adeptmind,” said G Wu, co-founder and CEO of Adeptmind. “This will help retailers increase revenue from online sales by simply connecting customers to the products they are looking to buy faster than anyone else.”

Adeptmind aims to offer accurate online shopping results and avoid the “no results found” search problem. When this happens, customers turn to Google or Amazon, leaving online retailers with high bounce rates and lost sales.

The Toronto-based company has outlined specific goals for its services, including improved discoverability using free-form search queries, filters, question answering, and self-adapting metadata that automatically scrapes user opinions and sentiments daily to adjust search rankings.

Adeptmind plans to use a large portion of the funding to kick off the Adeptmind Scholar Fellowship, a scholarship program that provides $30,000 scholarships to 20 university students advancing the field of AI, deep learning, natural language processing, and machine learning. Scholarships have already been awarded to students at New York University (NYU)’s Center for Data Science and The Courant Institute of Mathematical Sciences, and international scholarships in the UK and Italy are pending.

Photo via Unsplash

Aeman Ansari

Aeman Ansari

Aeman Ansari is a freelance writer who has been published in many Toronto-based publications, including Hazlitt and Torontoist. When she’s not re-watching Hitchcock movies, she’s working on her collection of short fiction inspired by stories from her grandmother, one of the few women in India to receive post-secondary education in English literature at the time.