Octopus Ventures invests over half a million pounds (>$1m) in the development of True Knowledge

Octopus Ventures is pleased to announce the investment of more than £600,000 (>$1.2m) in the development of True Knowledge Ltd, an internet technology company whose primary product is a ground breaking online tool set to revolutionise the search space.

True Knowledge's product is capable of the intelligent answering of questions posed on any topic and dramatically improves the quality and accuracy of results compared to any search technology currently in existence.

Its product represents facts within a broad knowledge-base that computers can understand and process. The web interface will accept questions phrased in natural language and infer the solutions from its database of facts, to produce answers in standard English, plus links to further information. In instances where users' questions are ambiguous, the system will prompt for clarification with suggestions of likely topics.

This first round of funding, in which Octopus Ventures is the sole Private Investor Group, will enable True Knowledge to achieve important strategic milestones as it takes the necessary steps towards bringing its product successfully to market.

True Knowledge is currently in the process of testing a website based on its technology and will be opening this process up to external beta testers.

Alex Macpherson, Chief Executive of Octopus Ventures, said: "The unique functionality of True Knowledge's product combined with the strength and technological expertise of the team presents an extremely compelling investment proposition with the potential for good returns.

"Having proven technical issues associated with implementation and made important steps towards the commercialisation of their product, this is an extremely exciting phase in True Knowledge's development."

William Tunstall-Pedoe, Founder of True Knowledge, commented: "We are delighted to be welcoming Octopus Ventures on board. The level of capital they have provided, plus the strength and depth of business skills available to us through their Investor Group, will give us a considerable boost, and help us to make significant progress towards the successful market delivery of our product."

True Knowledge was advised by Zickie Lim, corporate and finance partner at Mills & Reeve's Cambridge Office.

Download/open full press release (PDF)