Adeptmind Announces Seed Funding to Tackle Online Retail’s “No Results” Search Problem

TORONTO, Nov. 15, 2017 -- Adeptmind Inc., today announced the launch of its deep learning company that aims to offer 100 percent accurate search and lets retailers avoid the dreaded “no results found” search problem. Additionally, the company has secured additional seed funding from Fidelity Investments Canada ULC, bringing its total funding to $5.5 million to date.

E-commerce has an online search problem – customers can’t always find what they’re looking for, relevant entries are found on page three of a search result or nothing is found via search. Because of this, shoppers turn to Google or Amazon leaving online retailers with high bounce rates, lost sales, and ultimately, a customer with a bad online shopping experience. Using the latest deep learning techniques to create a self-aware search engine, Adeptmind transforms search to better understand customers’ wants and connect shoppers to products faster. Online retailers improve conversion, save millions spent on metadata tagging and can offer its customers the experience of their best in-store sales manager online.

“We want to give online shoppers the best knowledge in the least amount of time – in-store sales people 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’s technology benefits include:

• Accurate search results achieved by applying the latest deep learning, active learning, reinforcement learning, and transfer learning techniques
• Easy integration and setup that doesn’t change the look and feel of your site so customers won’t feel any difference
• Frictionless navigation experience and improved discoverability using free-form search queries, filters and question answering
• Continuous learning that is self-aware and seeks help from customer service agents if needed
• Self-adapting metadata that automatically scrapes user opinions and sentiments daily to adjust search rankings according to whatever is popular

A sizeable portion of Adeptmind’s funding will be used to kick-off the Adeptmind Scholar Fellowship – a scholarship program granting $30k scholarships to 20 university students who are advancing the field of AI, deep learning, natural language processing, and machine learning to help invigorate academic momentum in the field. So far, scholarships have been awarded to students at New York University (NYU)’s Center for Data Science and The Courant Institute of Mathematical Sciences, with gifts pending internationally in the United Kingdom, Italy, and beyond.

“Greatest advances in science are made when scientists are given as much freedom as possible,” said Kyunghyun Cho, assistant professor of computer science and data science at NYU. “The Adeptmind Scholar Fellowship provides such an opportunity to the recipients at NYU’s Center for Data Science, greatly facilitating advances in data science.”

For more information on Adeptmind, visit: http://adeptmind.ai/.

About Adeptmind
Adeptmind is a deep learning company aiming to deliver 100 percent accurate search results to avoid retail’s “no results found” search problem. By addressing online retail’s search problems, Adeptmind helps e-commerce companies avoid bad experiences and high bounce rates, bridge the gap between offline and online conversion rate, and bring the best offline customer service experience online. Founded in 2016 and based in Toronto, ON, Adeptmind was founded by G Wu and Jing He. For more information, visit: www.adeptmind.ai.

About Fidelity Investments Canada
Fidelity Investments Canada ULC is part of the broader group of companies collectively known as "Fidelity Investments", one of the world's largest providers of financial services. Fidelity Investments Canada ULC manages approximately $135 billion in mutual fund and institutional assets (as at October 31, 2017). This includes approximately $22 billion in assets for institutional clients including public and corporate defined benefit pension plans, endowments, foundations, and other corporate assets on behalf of clients across Canada.

PR Contact:
Miya Shitama
Inner Circle Labs for Adeptmind
[email protected]
415-684-9566