SYRACUSE — OthersideAI, a Syracuse University LaunchPad startup, on Nov. 12 announced that it has secured $2.6 million in seed funding. The investors include Seattle, Washington–based Madrona Venture Group, along with San Antonio, Texas–based Active Capital, San Carlos, California–based Hustle Fund, Chapter One, and top angel investors in artificial intelligence (AI) and software as a Service […]
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SYRACUSE — OthersideAI, a Syracuse University LaunchPad startup, on Nov. 12 announced that it has secured $2.6 million in seed funding.
The investors include Seattle, Washington–based Madrona Venture Group, along with San Antonio, Texas–based Active Capital, San Carlos, California–based Hustle Fund, Chapter One, and top angel investors in artificial intelligence (AI) and software as a Service (SaaS).
OthersideAI includes Syracuse University students Matt Shumer, Miles Feldstein, and alumnus Jason Kuperberg, who met and created their venture at the Blackstone LaunchPad, powered by Techstars, at Syracuse University Libraries.
The LaunchPad is Syracuse University’s “innovation hub, connecting the entire campus with a global network that provides support for aspiring entrepreneurs, inventors, and creators,” per an SU news release.
OthersideAI is an email-software platform, turning simple summaries into “well-written emails in seconds,” thus enabling users to save time managing their email correspondence. The team developed OthersideAI as part of the LaunchPad’s 2020 SummerStart Accelerator program.
Since announcing the project mid-summer, the waiting list to onboard with OthersideAI has “grown by thousands and has garnered accolades from AI experts around the world,” Syracuse University said.
Shumer, Feldstein, and Kuperberg have been active members of the LaunchPad program for several years. The three co-founders have been participants in numerous campus and national competitions, including ‘Cuse Tank, Impact Prize, ACC InVenture Prize, iPrize, Hunter Brooks Watson Spirit of Entrepreneurship competition, Orange Tank, and the Hult Prize.
They currently mentor other LaunchPad teams.
“This wouldn’t have been possible without the Blackstone & Techstars LaunchPad network and Syracuse University’s LaunchPad,” said Shumer, who is CEO of the company.
OthersideAI is one of the first commercial products built entirely on GPT-3, the AI model from San Francisco, California–based OpenAI, which delivers natural-language results for “virtually any task.”
OthersideAI was one of the first companies to be granted access to the OpenAI API (application programming interfaces) to help test and refine the technology and has been working with OpenAI to build to the safety standards of both entities.
“Email is a crucial application for getting business done, communicating with friends and family, and where we, admittedly, spend many hours a day. However, unlike other applications, email hasn’t evolved in decades. OthersideAI changes that dynamic by helping users compose thoughtful emails with just a couple of bullet points and in their own personal style,” said Shumer. “The response we have had from our early users — and from those who have seen the demo — has been overwhelming and we are looking forward to rolling out OthersideAI more broadly in the coming months.”
“We strongly believe that AI and natural language processing technologies such as GPT-3 will transform many aspects of our lives — from work to our health to leisure. Since our first investment in commercially viable AI technology more than seven years ago, we have looked to back innovative founders like Matt, Miles and Jason, who are building solutions and products that will have significant impact. We are so excited to work with this team as they bring their first product to market,” Matt McIlwain, managing director of Madrona Venture Group, said.
About LaunchPad
The Blackstone LaunchPad at Syracuse University, powered by Techstars, serves faculty, staff, students, and alumni across disciplines who are interested in innovation, invention, entrepreneurship, venture creation, careers, entrepreneurial skills, diversity, equity, inclusion, and taking ideas from concept to commercialization. The program seeks to create an innovation ecosystem across the university to prepare aspiring entrepreneurs.