OJO Labs Inc. raises $5.8 million for artificial intelligence product development


OJO Labs Inc., an Austin artificial intelligence company, has completed a $5.8 million Series A financing to spend on product development.

OJO Labs was founded in February 2015 by John Berkowitz, co-founder of online marketing firm Yodle Inc., and David Rubin, founder and former CEO of Austin digital marketer ProfitFuel Inc. It employs 11 people and plans to soon hire one more person to oversee marketing.

 OJO Labs plans to use the money to further the development of its first product, an AI program that can hold text-based conversations with real people, Berkowitz told the Austin Business Journal. It is currently in closed beta testing.

Berkowitz said the millions will alleviate some of the pressures of fundraising and allow the company to focus on its business and product development, adding: “We have no shot clock.”

“A lot of times when you’re trying to build a product and trying to raise money at the same time, you end up taking into account those fundraising motivations (with your product),” he said. “Those don’t always align.”

Read the source article at Business News