- ScoutinScience, a Dutch AI startup, has raised seed funding from Lumana Invest.
- The company specializes in using AI to identify technologies with market potential in scientific research.
- ScoutinScience’s natural language processing (NLP) tools evaluate scientific papers for their Business Potential Score (BPS).
- The startup aims to double global tech transfer production within the next five years.
- Funds will be used to expand sales and development activities and accelerate growth.
Revolutionizing Technology Scouting with AI
ScoutinScience, an innovative Dutch startup, has secured seed funding from Lumana Invest. The company’s groundbreaking mission is to harness the power of artificial intelligence (AI) to scout for technologies with market potential in the realm of scientific research. While the funding amount remains undisclosed, this investment marks a significant milestone for the ambitious startup.
Lumana Invest: A Unique Investment Firm
Lumana Invest stands out as an investment firm that does not adhere to a predetermined investment horizon. Wim Smit, MD of Lumana Invest, praises ScoutinScience’s strong AI application, which he believes can make a vital contribution to the spin-off and startup ecosystem. By increasing the output of science towards society, ScoutinScience can help make science more sustainable for the future.
Unleashing Untapped Potential in Research
Founded in 2020 by Gilles Meijer and Menno Noorlander, ScoutinScience aims to unlock hidden study and business opportunities in research through the use of AI. The company excels in gathering, compiling, analyzing, and rating scientific papers from a wide range of public and private data sources.
ScoutinScience utilizes natural language processing (NLP) tools, such as BERT models, to calculate each paper’s Business Potential Score (BPS), which assesses its technical transferability. According to the Dutch startup, they employ a tailor-made AI/machine learning pipeline for each scientific domain, evaluating various aspects of the publications.
Embracing Explainable AI for Transparent Results
ScoutinScience’s commitment to explainable AI ensures that their clients always receive relevant evidence to verify the results. The extracted features are connected with other databases to assess current industrial trends of the article’s subfield. The company’s vision is to double global tech transfer production within the next five years, leading to twice as many spin-offs, industrial collaborations, and success stories.
Fueling Expansion and Growth
The seed funding from Lumana Invest will be used by ScoutinScience to expand its sales and development activities, as well as to accelerate its growth trajectory. Gilles Meijer, CEO of ScoutinScience, expresses excitement about the future of the company and its potential to expand into the international market, further develop its AI algorithm, and grow its team.
With its AI-driven approach to technology scouting and its dedication to boosting global tech transfer, ScoutinScience is poised to make a significant impact on the way scientific research is translated into marketable technologies. The startup’s recent funding is a testament to the potential of AI in revolutionizing the identification and commercialization of groundbreaking scientific discoveries.