Podgorica, ME & London, UK – Uhura Solutions, a low-code contract intelligence platform, has raised $1.8 million in a seed funding round led by SuperSeed Ventures, with participation from South Central Ventures and Newable Ventures. The UK-Montenegrin company plans to use the new funding to scale its operations and expand its team, with a particular focus on business development and engineering.
The company was co-founded by Djuro Stojanovic, Bojan Tesic, Blazo Crvenica and Mladen Markovic, a team of Montenegrin entrepreneurs with deep technical and financial industry knowledge and understanding. A graduate of the Barclays Accelerator powered by Techstars in Tel Aviv, the company focuses on helping global financial services companies automate business processes more quickly and accurately.
The company has developed a low-code contract intelligence platform that makes AI technology instantly accessible to businesses without extensive technical knowledge. The platform addresses a widening AI knowledge gap, one of the biggest challenges for businesses wanting to utilise AI technologies. As AI demands advanced competencies, it is still extremely difficult for businesses to build AI-powered process automation.
Uhura Solutions has implemented a novel low-code approach that enables businesses to develop their own industry-specific contract intelligence solutions. This approach creates a competitive advantage, making the platform completely ‘tailorable’ for individual clients, offering flexibility and customisation that many businesses look for. Accessing sophisticated AI through the low-code platform makes automation of complex processes that include data classification, extraction, document review and intelligent analysis easily available. The platform allows businesses to direct fewer resources to review and process large sets of data and documents and more resources to solve or improve specific issues requiring a human touch.
“We want to unleash human creativity by automating complex business processes. We are making the development of contract intelligence solutions easier and faster, allowing more efficient use of resources and time. We see our platform as a gateway to AI, enabling those without a coding background to more easily access the benefits of AI,“ said Stojanovic, Uhura Solutions CEO and co-founder. “AI development has traditionally been associated with an in-depth knowledge of programming and advanced knowledge of technology. We want to break this barrier and enable business professionals with the domain expertise to create AI solutions, even without programming knowledge. “
The company uses cutting-edge AI, including image and natural language processing technology, to bring unprecedented accuracy and cut processing time from hours to seconds. Combined with a low-code approach, this provides multiple benefits for companies, ranging from higher productivity and efficiency of work processes to saving time and money.
“With Uhura’s platform, enterprises are taking a big leap forward in terms of how easy it is to deploy AI to automate complex business processes. We are excited for the promise of the technology and for our new partnership with a group of outstanding founders” said Mads Jensen, Managing Partner of SuperSeed Ventures, who led the round.
About the Company
Uhura Solutions is an AI solution provider specializing in contract intelligence. The company has developed a low-code contract intelligence platform that reads and understands contracts and agreements just as humans do. The platform addresses the manual processing of documents, an important challenge that businesses regularly face. It offers automation capabilities and can shorten document processing time from hours to seconds.
About South Central Ventures
South Central Ventures is a VC investor with the longest presence in the Balkans. Operating out of four offices – Ljubljana, Zagreb, Belgrade and Skopje – the team has invested in about 40 early stage tech companies and has been an integral part of the local start up communities. With a strong base of international investors, South Central Ventures is a go-to investor for regional tech companies competing in global markets. SCV’s portfolio companies include Cognism, Celtra, Agrivi, Orgnostic and AdScanner, among others.