Consensus has successfully raised $4.3 million over two funding rounds, establishing itself as a promising player in the AI-powered academic search engine space. The platform leverages advanced AI to help users find and understand scientific research more efficiently.
Keep reading to delve into the details of Consensus's fundraising journey and the investors who are supporting this innovative platform.
What Is Consensus?
Consensus is an AI-powered search engine designed to make searching for and consuming scientific research papers easier. Founded by Eric Olson and Christian Salem, the company launched its product in the winter of 2022. Based in Boston, Consensus serves millions of students, researchers, doctors, and consumers worldwide.
The platform offers features like Pro Analysis, Consensus Meter, and various search filters to streamline the research process. With a team of 11-50 employees, Consensus aims to make scientific research more accessible and understandable.
For more information about their mission and job openings, visit their Wellfound page or their official website.
How Much Funding Has Consensus Raised?
- Pre-seed Round
- Amount Raised: Part of the total $4.25 million before the seed round
- Lead Investors: Winklevoss Capital
- Motivation Behind the Round: Initial funding to develop the Consensus app and its AI-powered search engine.
- Seed Round
- Amount Raised: $3 million
- Date: April 21, 2023
- Lead Investors: Draper Associates, led by Tim Draper
- Motivation Behind the Round: To further develop generative AI technology, expand the user base, and improve the quality of web searches by providing reliable, evidence-based information.
Total Amount Raised: $4.3 million
Current Valuation: (~estimated)
Key Investors
- Draper Associates
- Details: Draper Associates is led by Tim Draper, a prominent venture capitalist known for his early investments in groundbreaking companies. Draper has a reputation for identifying and supporting disruptive technologies.
- Investment Focus Areas: Seed-stage investments, technology, innovation
- Notable Investments: Tesla, SpaceX, Baidu
- Winklevoss Capital
- Details: Winklevoss Capital is a venture capital firm founded by Cameron and Tyler Winklevoss. The firm focuses on investing in early-stage startups with high growth potential.
- Investment Focus Areas: Technology, consumer tech
- Notable Investments: Not specified
- Kevin Carter
- Details: Kevin Carter is an investor known for his involvement with high-profile tech companies. He has a background in both venture capital and operational roles within the tech industry.
- Investment Focus Areas: Technology, social media platforms
- Notable Investments: Crunchbase, Snap, Pinterest
- Brian Pokorny
- Details: Brian Pokorny is a venture capitalist with a strong track record in the tech sector. He has been involved in several successful startups and has a keen eye for innovative technologies.
- Investment Focus Areas: Technology, social media, financial services
- Notable Investments: Twitter, Square, Stitcher
- Nomad Capital
- Details: Nomad Capital is a venture capital firm that invests in early-stage technology companies. The firm is known for its strategic investments in high-growth sectors.
- Investment Focus Areas: Technology, blockchain, communication platforms
- Notable Investments: Open Sea, Intercom
What's Next for Consensus?
Consensus is poised to revolutionize the scientific web search industry by providing unbiased, accurate, and expert-validated information. With the global industry for scientific research valued at $200 billion, the potential for growth is immense. The company plans to expand its dataset to include market research and financial reports, leveraging generative AI to automate expert-level conclusions and improve user experience.
Future fundraising opportunities are likely as Consensus aims to double its engineering team and enter new markets. However, challenges such as competition from other AI-powered search engines and ensuring the accuracy of AI-generated summaries remain. Maintaining user trust and combating potential biases in AI models will be crucial for sustained success.
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