We are proud to announce that the Flashstarts Fund will be awarding follow-on funding to <remesh, a recent Flashstarts Accelerator grad that enables groups to converse as a single being.
With this follow-on investment, an award of $100,000 from the Innovation Fund, and investments from additional private investors, <remesh raised a total of $200,000 in seed funding. Details of the funding round and how <remesh plans to use the capital are in the press release below.
Collective Intelligence App <remesh Raises $200k in Seed Funding
Cleveland startup receives Innovation Fund award and follow-on investment from Flashstarts
For media inquiries, contact Grace Moenich
Director of Public Relations, Flashstarts
CLEVELAND, Dec. 10, 2014 – <remesh, a Cleveland-based startup utilizing the power of collective intelligence in a chat app, announced today that it has raised $200,000 in seed funding. The funding is comprised of a $100,000 award from the Innovation Fund, as well as a follow-on investment from Flashstarts and additional investors via sidecar.
<remesh enables a group of people to converse as if they were a single person. Using an algorithm, the messaging platform considers thoughts submitted by individuals and selects and sends one thought that most accurately reflects the group’s prevailing opinion. The algorithm was developed by co-founder and CEO Andrew Konya, a chemical physics Ph.D. candidate in Kent State University’s Liquid Crystal Institute®, who founded <remesh with COO Aaron Slodov, an engineering Ph.D. student at Case Western Reserve University and former Google engineer.
<remesh, which has been running private programs since May, will use the seed funding to launch its first public beta at Kent State University in March of 2015. The team also plans to use the investment to hire additional personnel for user and customer growth, as well as launch beta programs in five additional universities in fall of 2015.
“<remesh is the most interesting company we’ve seen on our 2 years of operation,” said Flashstarts CEO Charles Stack. “Their application has true viral appeal—nearly everyone who has used the alpha and beta versions has quickly become a major supporter. The fun challenge will be to turn this popularity into a viable business. This Flashstarts follow-on funding and matching Innovation Fund award will enable them to explore the vast array of revenue opportunities.”
Konya, who originally imagined <remesh as a solution to conflict in the Middle East, foresees the platform could be used effectively in many functions and industries including politics, international affairs, education, market research, healthcare and community engagement.
“The Innovation Fund has evaluated more than 1,000 business ideas and funded more than 100 companies in its eight years and what stands out about <remesh is its founder,” said Dennis Cocco, director of operations for the Innovation Fund and co-director of GLIDE, the technology incubator that administers the fund. “Andrew Konya is off-the-charts bright and has created a new software product that has the potential to change how we look at people’s opinions.”
“Since the dawn of humanity, groups have been forced to allow a few select people to speak on their behalf; I am truly excited to bring the world a new option – the ability for a group to speak for itself,” said Konya. “I believe this will radically change the way we do business, socialize, learn, govern and even resolve international conflict.”
<remesh is a graduate of the 2014 Flashstarts Accelerator program, through which it received $25,000 and has access to customized guidance from coaches, a network of mentors and interns. The startup will be seeking Series A funding in 2015.
<remesh enables a group of people to converse as if they were a single person. By harnessing the power of collective intelligence, the Cleveland-based chat app allows groups to speak with one voice; a voice which accurately represents the thoughts of a community, organization, country or planet. From allowing a politician to interact with constituents to enabling a company to talk to customers, email@example.com or follow @teamremesh on Twitter.