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Based in Ann Arbor, Michigan, Clinc develops conversational artificial intelligence platforms that utilize natural language processing and machine learning to facilitate natural speech interactions for large enterprise clients worldwide. The company's proprietary software interprets unstructured speech and understands contextual intent, initially focusing on banking assistants before expanding into the automotive and gaming sectors. Operating as a venture-funded software-as-a-service provider, the enterprise has raised $60 million in total funding, including a $52 million Series B round, and currently powers artificial intelligence solutions for more than 30 million end users. The firm's technology is utilized by major global financial institutions such as USAA, Barclays, and U.S. Bank, with financial backing from venture capital firms including Insight Partners and Drive Capital. Clinc was originally founded in 2015 by researchers Jason Mars, Johann Hauswald, Lingjia Tang, and Michael Laurenzano.
Clinc has raised $60.4M across 4 funding rounds.
Clinc has raised $60.4M in total across 4 funding rounds.
Clinc has raised $60.4M across 4 funding rounds. Most recently, it raised $52.0M Series B in May 2019.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| May 1, 2019 | $52M Series B | — | Chicago Ventures, General Catalyst, Hyde Park Venture Partners, LOI Venture, Sandalphon Capital, Mark Benning, Randy Glein, Mark Kvamme, Jeff Lieberman | Announced |
| Feb 1, 2017 | $6M Series A | Mark Kvamme | Chicago Ventures, General Catalyst, Hyde Park Venture Partners, LOI Venture, Sandalphon Capital, Mark Benning, STU Porter, Cahoots Holdings | Announced |
| Aug 4, 2016 | $1.4M Grant | Elab Ventures | Cahoots Holdings, Hyde Park Venture Partners, National Science Foundation | Announced |
| Aug 1, 2016 | $1M Seed | — | Chicago Ventures, General Catalyst, Hyde Park Venture Partners, LOI Venture, Sandalphon Capital, Mark Benning | Announced |
Clinc has raised $60.4M in total across 4 funding rounds.
Clinc's investors include Chicago Ventures, General Catalyst, Hyde Park Venture Partners, LOI Venture, Sandalphon Capital, Mark Benning, Randy Glein, Mark Kvamme, Jeff Lieberman, Stu Porter, Cahoots Holdings, eLab Ventures.
Clinc is a conversational AI technology company that builds virtual assistants and chatbots tailored for banks and credit unions, enabling natural language interactions for banking tasks like checking balances, transactions, and support.[1][2][3][5] It serves financial institutions by solving the problem of inefficient customer service through AI that handles over 85% of queries without human agents, reducing costs, boosting satisfaction, and driving revenue growth via 24/7 self-service.[1][3][5] With rapid deployment, seamless integrations, and proven success at banks from $250M to $590B in assets, Clinc demonstrates strong growth, including a 2023 IVR product launch and deployments across U.S. customers.[3][8]
Clinc emerged from a University of Michigan research collaboration among PhD professors in AI and systems research, who recognized gaps in conversational AI post-Siri and leveraged advances in natural language processing.[4][8] Founded in 2015 (with some sources noting 2017), the company is headquartered in Ann Arbor, Michigan, and led by figures like CEO Jon Newhard and others with backgrounds in entrepreneurship, finance, and venture capital.[2][3][8] Early traction came from enterprise banks, fueling patented tech development (20 patents in process, eight publications) and expansion into out-of-the-box products by 2021, marking pivotal shifts toward scalable, banking-specific solutions.[6][8]
Clinc rides the fintech wave of AI-driven automation in banking, where rising digital demands and contact center overloads favor conversational AI to deliver "high-tech, high-touch" experiences amid labor shortages and 24/7 expectations.[1][3][8] Timing aligns with post-2020 AI breakthroughs and regulatory pushes for secure, efficient services, amplified by integrations with platforms like Twilio and Genesys that accelerate adoption.[3][6] Market forces like cost pressures on banks (e.g., reducing live agent reliance) and consumer preference for intuitive digital tools position Clinc favorably against competitors like Kasisto or Cognigy.[1] It influences the ecosystem by pioneering banking-specific NLP, enabling smaller institutions to compete via accessible AI and fostering industry-wide shifts toward scalable self-service.
Clinc's trajectory points to expanded global reach and product evolution, building on IVR launches and multi-language support to capture more fintech AI market share amid generative AI hype.[3][5][6] Trends like embedded finance, voice commerce, and regulatory AI standards will shape its path, potentially through deeper integrations or enterprise expansions. Its influence may grow by setting benchmarks for human-like banking AI, solidifying Ann Arbor's role in fintech innovation—echoing its research roots to power the next era of frictionless customer experiences.[4][8]
