Ann Arbor-Based Fintech Startup Clinc Raises $52M, Aims For 2022 IPO
Research and development surrounding the use of artificial intelligence has skyrocketed in the past few years, with advancements from big companies like Amazon.com, Inc. AMZN 0.43% and Google GOOGL 0.54%. One tenacious player from the Midwest, Clinc Inc., is competing for the top spot in customer interaction and AI technology.
The Ann Arbor-based startup announced Monday that it raised $52 million in a Series B financing round led by Insight Partners, DFJ Growth, Drive Capital and Hyde Park Venture Partners, according to Crain's Detroit Business.
The company has demonstrated substantial growth since its inception in 2015.
In 2018, Clinc reported a 300-percent increase in revenue and announced that its technology reaches over 30 million consumers in industries like health care, automotive, banking and more,according to Venture Beat.
“We’ve had phenomenal growth and built unbelievable momentum in a very short period of time,” CEO Jason Mars told Crain's.
Why It’s Important
CEO Mars and COO Lingjia Tang, a husband-and-wife team, both serve as assistant professors at the University of Michigan and research cutting-edge advancements for the AI landscape.
In August 2018, another Ann Arbor-based startup, Duo Security, was purchased by Cisco Systems, Inc. CSCO 0.33% in a $2.35-billion deal.
Clinc's funding will be allocated primarily to product development, a feat that has become imperative with the growing team.
Clinc anticipates expanding the team from 75 to 140 employees, with plans to move into a new, bigger building in Ann Arbor, accoridng to Crain's.
The company's goal is to go public in 2022, the report said.
"This is a key milestone for us. My intention is for this to be the last milestone before we have an IPO," Mars told Crain’s.