CrowdComputing Systems Raises $5 Million Series B from iNovia Capital

Jul 09, 2013, 08:30 ET from CrowdComputing Systems

NEW YORK, July 9, 2013 /PRNewswire/ -- CrowdComputing Systems (CCS) raised a $5 million Series B round of funding from iNovia Capital. CCS's SaaS enterprise platform combines artificial intelligence (AI), crowdsourcing and automation to increase data and content productivity for finance, retail and media businesses. The latest capital is an addition to the company's $2.3 million 2011 Series A from RTP Ventures and Greycroft Partners.

"A powerful yet unrealized promise of the Internet is bringing on-demand, scalable labor to bare on tasks today performed by dedicated workforces," said Shawn Abbott, Partner, iNovia Capital. "While we have only seen a glimpse of the compelling economics and flexibility that can be achieved with first generation crowdsourcing, CCS is taking that essential next step of wrapping crowdsourcing within a machine learning infrastructure that can assure quality and optimize resource utilization to get work done better, cheaper and faster."

"Every business has access to millions of virtual workers, but that's useless without a fast and easy way to find and manage them," said Max Yankelevich, Founder and CEO of CCS. "Our platform uses machine learning to create and optimize an on-demand cloud workforce from a pool of 20 million vetted online workers. This model beats managed services like BPO and offshoring in scale, flexibility and cost."

CCS is part of the fast-growing crowd computing category. The company released its first crowd management product in 2011 and its full enterprise workforce platform, WorkFusion™, in 2012. CCS's financial services, retail and media customers rely on WorkFusion for various kinds of recurring knowledge work such as updating records, business listings, structuring data, product categorization and translation. Integrated with the leading online talent exchanges, WorkFusion combines crowdsourced workers and machine automation to increase the speed, quality and efficiency of work.

CCS recently hired Adam Devine as VP, Product Marketing and Strategic Partnerships and Joh Suh as VP, Engineering. The latest capital will go toward further expansion of the team and product offering.

About CrowdComputing Systems
CrowdComputing Systems' (CCS) SaaS enterprise platform combines the power of machine learning, crowdsourcing and automation to exponentially increase data and content productivity for finance, retail and media businesses. CCS's WorkFusion™ product uses artificial intelligence (AI) to create, manage and optimize an on-demand workforce drawn from 20 million virtual workers to perform data and content work at massive scale. By automating repetitive tasks and tapping the crowd for tasks that can only be done by humans, this hybrid solution delivers quality, efficiency, speed and scale impossible solely with an in-house or outsourced workforce. Born out of MIT research in 2010, CCS is a privately held company headquartered in New York City.

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SOURCE CrowdComputing Systems