- Nowigence Inc. is the creator of Pluaris(TM), an off-the shelf, cloud-based, artificial intelligence (“AI”) platform that automates reading and analysis of textual data.
- Its patentable, proprietary AI technologies automatically read data from hundreds of millions of documents in seconds with human-level comprehension and understanding of text.
- Even from its early days, Nowigence attracted users from major corporations, thereby not only earning moderate revenues but also getting feedback during product development.
- The company’s business is global. It has a wholly owned subsidiary in India focusing on sales, marketing, business development, and technology support.
- While most other products are specifically tailored for a specific use case, Pluaris was developed as an adaptive learning platform, offering features and flexibility to appeal to multiple target markets.
- Most competitors belong to the service industry or are consultants, providing manpower to custom-develop solutions from scratch for clients. Gartner reports that 85% of such solutions fail.
- State-of-the-art AI algorithms combined with an intuitive user interface and “no code” technical requirement ensures almost any consumer can derive value from Pluaris immediately and with no specialized training.
- The company’s most meaningful and propriety IP is around machine learning and natural language processing. These tools have been and are continuing to be developed and enhanced.
- Many components rely on output from other components. This creates a significant barrier to entry.
- Nowigence operates in the rapidly growing cognitive computing and personal knowledge management (“PKM”) markets. The PKM market opportunity is over $1 trillion, the cognitive computing market alone was valued at $8.87 billion in 2018 and is projected to reach a value of $87.39 billion by 2026, growing at a CAGR of 31.6% from 2019 to 2026.
- The members of the management team are highly experienced, with over two decades of experience each in building successful technology companies.
Nowigence Inc. (NOWG) is a fast-growing SaaS (Software-as-a-Service) company that develops and sells a ready-to-use artificial intelligence (“AI”) platform called Pluaris(TM) that automates reading and analysis of textual data. Individuals, teams, and enterprises can now quickly distill knowledge buried in narrative-intensive documents instantaneously from various data sources, both public and private.
Pluaris is created for those who want to read more in less time. It is a Personal Knowledge Management (“PKM”) tool that generates an annotated data feed based on your topics of interest and automatically creates a permanent personal knowledge base from your feed and private uploads. It has human-like capabilities for comprehending textual data. It summarizes, provides precise answers to questions asked, analyzes different data perspectives, discovers new connections, creates organized nested notes, and allows teams to work collaboratively by sharing in real-time from anywhere in the world to draw informed conclusions.
By integrating state-of-the-art data processing techniques in an intuitive interface at an affordable subscription price, Nowigence puts the power of data science in the hands of consumers. It helps individuals, teams, and organizations to quickly build expertise on one or multiple topics by generating a trove of critical information.
Nowigence targets two user types that rely heavily on fast and accurate research as primary adopters of the Pluaris platform. The first is knowledge workers of all kinds – anyone whose job is to “think for a living” like marketing professionals, researchers, legal professionals, academics, journalists, editors, scientists, and other professionals. The second are individual users who are life-long learners, hobbyists, and enthusiasts of all stripes.
Rather than spending time reading information to gain knowledge from one source at a time, users of Pluaris can gain knowledge from hundreds or thousands of sources in seconds. Keyword-based search-and-retrieval applications don’t open documents, nor read their content, nor extract key points, conduct cause and effect analysis or answer questions specifically. Pluaris includes all those features and goes one step further, with its semantic capabilities to empower users with interpretations of retrieved information. Nowigence estimates this feature alone can save typical researchers between one and three hours per workday. The platform also reduces “noise” by extracting only important and relevant information on every topic being monitored or researched. This helps cut down on information overload, a major source of workplace stress.
Pluaris Builds Intelligence
In the modern world, virtually everyone needs to consume a tremendous amount of text-based information, in both our personal and professional lives, but doing so is exceptionally challenging because of:
- Information Overload: For virtually any significant topic of interest, the amount of textual information available and continually generated is vastly more than can be consumed by an individual.
- Pervasive Distractions: Thanks to modern technology, we are constantly bombarded with new inputs (e-mails, instant messages, social media, and more) reducing our attention span, leading all too often to TL;DR (Too Long, Didn’t Read).
- Highly Imperfect Human Recall: The information that we do find time to read is easily forgotten. Even if we retain some of the key insights, the details are almost certainly lost.
Even when working in teams, we often end up researching the same content as our colleagues, and too much of the information acquired by one individual is lost in translation with the communication process to others.
Nowigence has worked with stalwarts and pioneers in the fields of Machine Learning (“ML”) and Natural Language Processing (“NLP”) from its early days. The company was keen to solve the big problem of the information age – too much data exists and cannot be processed manually.
Pluaris is designed to be used by regular people from day one with no need for extensive training. The platform is used across different functions and sectors, adapting to clients’ ever-changing needs. Its state-of-the-art no code editing gives organizations the flexibility to improve and tailor their results without hiring data scientists, and real time information retrieval ensures the client never misses any piece of intelligence.
Pluaris adapts to the unique needs by which individuals absorb knowledge. It doesn’t impose structured or rigid methodology. Real time operation means that Pluaris will deliver outputs instantaneously with a click.
A Nowigence team of experts spent three years training Pluaris to understand the context of every sentence it reads. If Pluaris does make an error in contextual interpretation, the user can correct it, which will instantly give the correction precedence over the ML’s algorithmic outputs. This takes away the biggest criticism against AI/ML platforms, that annotating (labeling) data and developing training datasets to build models takes too much time and effort from internal teams.
I need to stay on top of the latest news for my industry. Pluaris automatically retrieves and analyzes news on your topics of interest every day, so you can quickly scroll through an annotated news feed on your phone, tablet or laptop, while finishing your morning coffee.
Example: A Pluaris enterprise customer was interested in tracking news and events in the telecom industry. Nowigence was able to quickly create and then fine-tune a list of topics to monitor. In less than a week, they had an annotated news feed covering the telecom industry available to their team.
I have to come up to speed on a new topic as quickly as possible. Upload a few related websites and documents to Pluaris and within minutes you are exploring this new area of interest, scanning the summaries, gaining new insights about this topic, and finding new keywords to broaden your search and deepen your understanding.
Example: A customer who was already using Pluaris for business intelligence decided to use his account to make improvements in his health after he received a report from his doctor of a high fasting blood sugar level.
- He uploaded a few research reports to Pluaris, read through the summaries, and explored the annotated labels. Based on that analysis, he set up Pluaris to monitor topics such as “lowering fasting blood sugar” and “low glycemic food.”
- From those results, he built an action list of daily habits for diet and fitness and, within a couple months, brought his fasting blood sugar level back down.
I want to be able to access the information I’ve read in the past and synthesize it with my current understanding. As you continue to add more and more information to the system over time, Pluaris never forgets. You are building a knowledge base of the information that is most relevant to you.
Example: A Pluaris user at one of the world’s largest aluminum mining companies was tasked with preparing talking points for her manager for an upcoming investor meeting. Over time using Pluaris, she had built a database of documents, including transcripts, notes, Q&A sessions, speeches, annual reports, and internal documents, some of which were from previous investor meetings. She was able to quickly explore that database through the Pluaris Dashboard and using various filters. She then pulled this information together in a Pluaris Notebook and shared that note directly with her boss.
Pluaris users include:
- Knowledge Workers – Gartner estimates there are more than 1 billion worldwide as of December 2019.
- Students in Higher Education: ICEF estimates there are 250 million worldwide as of 2020. This is Nowigence’s initial target group from a market penetration perspective.
- Personal/Home Use: Statista estimates there are 4.7 billion active internet users worldwide as of January 2021.
Nowigence offers tiered pricing, starting at $10/month/user for individuals, while team and enterprise users, who have access to more features to facilitate collaboration and integrations to other enterprise tools, start at $45/month/user.
As a result, the Total Available Market (“TAM”) is more than a billion users and over $1 trillion. The Market Opportunity (the Serviceable Obtainable Market or SOM) for Nowigence is $11 billion in the combined PKM and Cognitive Computing space defined by Pluaris.
This market is growing rapidly too. The Cognitive Computing market alone was valued at $8.87 billion in 2018 and is projected to reach a value of $87.39 billion by 2026, growing at a CAGR of 31.6% from 2019 to 2026, according to Allied Market Research.
Nowigence offers differentiated value compared to other Personal Knowledge Management (“PKM”) tools, which have reached as many as 250 million users (Evernote) and have shown rapid adoption (Roam Research reached 60,000 users and $1 million ARR within 6 weeks of launching paid plans). Unlike Pluaris, these tools do not automatically monitor public or private sources to add to your knowledge base, nor do they provide summaries or extract intelligence. Pluaris differs from search engines as well, in that search engines do not access or store personal knowledge, and they also do not summarize or extract intelligence.
Anoop Bhatia is the founder and CEO of Nowigence Inc., where he has worked full-time since 2015. Previously, he worked as a global operation strategic transformation leader for Momentive Performance Material (formerly GE Silicones). He has worked for over two decades in various General Electric companies across different countries, including the U.S., India, The Netherlands and Germany. He played a key role in establishing GE Silicones as the first-ever wholly owned foreign subsidiary established in India in 1996. He received his Bachelor of Engineering in Chemical Engineering from BITS in India and did his post-graduate studies in management from Heriot-Watt at Edinburgh in Scotland.
Gordon Haupt is the Chief Technology Officer at Nowigence. He has more than 20 years of experience building and leading diverse engineering and operations teams, and a strong technical background in machine learning, signal processing, and statistical data analysis, including applications in speech and text, biotechnology, and computer vision. He is a named inventor on 15 issued patents and is experienced in all phases of engineering development and operations. He holds a B.S. degree in Engineering Mechanics from the University of Wisconsin and M.S. and Ph.D. degrees from Stanford University in Aeronautics and Astronautics.
David Evans is the company’s acting CFO & General Counsel. As an attorney and licensed CPA in the state of New York, he has extensive experience in multistate and international tax policies and guidelines, federal taxation laws, mergers and acquisitions, including valuation of closely held businesses. He is a contributing author to the New York State Tax Service, a six-volume publication of NYS tax laws and regulations. His prior experience includes being a Managing Director for UHY Advisors LLC, a board member and chairperson of the Tax Division Executive Committee of New York State Society of Certified Public Accountants and a past president of the Estate Planning Council of Eastern New York. He holds degrees from Hofstra University and State University of New York at Buffalo.
For more information, visit the company’s website at www.Nowigence.com.
NOTE TO INVESTORS: The latest news and updates relating to Nowigence are available in the company’s newsroom at https://ibn.fm/NOW
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