In 2009, Elliot Turner launched AlchemyAPI
to process the written word, with all of its quirks and nuances, and got immediate traction. That first month, the company's eponymous language-analysis API processed 500,000 transactions. Today it's processing three billion transactions a month, or about 1,200 a second.
“That's a growth rate of 6,000 times over three years,” touts Turner.
AlchemyAPI uses cutting-edge artificial intelligence to analyze written human language. Artificial intelligence is literally learning by consuming more and more text...literally billions and billions of web pages. This allows the company to build statistical models of language that include nuances humans use to communicate.
“Context is super-important,” he adds. “'I'm dying' is a lot different than 'I'm dying to buy the new iPhone.'”
With 10 employees, the company plans to double its staff.
“As we move into new markets, we're going to be making some new hires," Turner says. "We knocked down some walls and added 2,000 square feet to our office.”
He expects to fill four sales and support openings by the end of 2012 and add another four R&D-oriented staffers in 2013.
“We're providing the ability to translate human language in the form of web pages and documents into actionable data,” Turner says.
Clients include Walmart, PR Newswire and numerous publishers and advertising networks. “This allows a news organization to detect what a person likes to read about,” says Turner of publishers and advertisers.
Financial-services firms are also using AlchemyAPI to delve deeper into quarterly reports.