Boarding PassUpword raises $3 million for its AI-powered research companion for professionals
Boarding Pass
Upword raises $3 million for its AI-powered research companion for professionals
The company’s tool has already gained 30,000 users and 1,000 paying customers
“Research is a time-consuming process for everyone, from knowledge workers who spend 45% of their time conducting research to students writing reports, salespeople conducting competitor analysis, authors working on books, and investors examining financial markets,” explained Roee Barak, Founder and CEO of Upword. “While AI has boosted productivity, users are often dissatisfied with its performance in important research tasks. Our product addresses this gap by offering a solution that enhances research productivity without sacrificing the quality and specificity required for high-stakes projects.”
The company has recently completed its $3 million pre-Seed round to leverage generative AI and offer an AI-powered research companion tool. The new tool's public launch follows a successful beta that engaged 30,000 users and 1,000 paying customers. Upword was designed for researchers and students, but among beta users, 50% of paid subscriptions were professionals outside of academia, suggesting broad appeal across industries.
“The rigorous, step-by-step methodology that defines research has made AI chatbots overwhelming and often inconvenient,” Barak continued. “While studying in law school, my vision was to build productivity tools that kept me in control, accommodating the need for nuance and rigor in scholarly work while providing the benefits of generative AI. Upword was the result. Now, students, academics, and professionals across many industries have access to a tool that delivers on the promise of GenAI.”
You can learn more about the company below.
Company Name: Upword
Sector: AI
Product/Service description:
Upword provides a platform for users to leverage AI for research projects. The interface includes a content library management system with advanced vectorization and organization capabilities, an AI research assistant offering highly contextualized answers, and will soon provide content sourcing technology. Designed to mimic traditional research methods, it allows users to maintain full creative control over the final output while leveraging AI for productivity.
Founder Bios:
Roee Barak, Founder and CEO: Roee studied law and business administration at Reichman University. Prior to founding Upword, Roee had spent a decade in various roles in Israel’s tech sector.
Year of Founding: 2022
Last Investment Round: $1 million
Last Investment Stage: Pre-Seed
Date of Last Investment: May 2024
Total investment to date: $3 million
Investors: David Magerman, Fusion VC, Nir Yosef, Telefonica (Wayra X), Go Ahead Ventures, Goodwater Capital, Atooro, and Saar Wilf.
Current number of employees: 7
Open positions: Frontend Developers and an Online Marketer.
How was the idea born?
The idea for Upword originated during my time in law school. Initially, it was envisioned as a "personal assistant" tool to help consume and organize all my readings in a smart way. But it evolved. With the AI boom, it became evident that traditional research tools fell short, and people were seeking ways to become more productive, but AI chatbots were producing overly generalized outputs that were unsuitable for detailed research projects requiring specific conclusions. That's where traditional, science-based research meets generative AI.
What is the need for the product?
Research is a time-consuming process for everyone, from knowledge workers who spend 45% of their time conducting research to students writing reports, salespeople conducting competitor analysis, authors working on books, and investors examining financial markets. While AI has boosted productivity, users are often dissatisfied with its performance in important research tasks. Our product addresses this gap by offering a solution that enhances research productivity without sacrificing the quality and specificity required for high-stakes projects.
How is it changing the market?
Upword is transforming the research market by integrating AI in a way that complements and enhances traditional research methods. By providing a platform that ensures full creative control and tailored outputs, Upword addresses the limitations of generic AI chatbots. It streamlines the research process, making it more efficient and effective for a wide range of users, from students to professionals.
How big is the market for the product, and who are its main customers?
The market for Upword is vast, targeting anyone needing to produce highly contextualized materials. Our beta attracted over 30,000 users, with 50% being students and the other half comprising professionals from various industries, predominantly tech, finance, research, and academia.
Does the product exist already? If not, at what stage is it and when is it expected to hit the market?
Yes, our first mature product launches today, and our beta launched last year and onboarded over 30K users and +1000 paying customers.
Who are the main competitors in this sector and how big are they?
The big players today in AI research tools are ChatGPT, Gemini, Claude, and Perplexity. These tools are toUpword raises $3 million for its AI-powered research companion for professionals p-of-the-line in terms of technology and are primarily focused on search and Q&A functionalities. However, they often overlook the comprehensive research process, which includes library management, knowledge base development, and document generation.
Upword is not competing with OpenAI for chatbot development but rather is positioning itself uniquely by integrating these critical aspects of research management. While our competitors aim for fully automated research tools, Upword differentiates itself by putting the user at the center, offering full control over the research process. Our AI tools are designed to assist and enhance the user's work rather than replace it, ensuring a more personalized and effective research experience. This user-centric approach and comprehensive design set Upword apart in the market.
What is the added value that the founders bring to the company and the product?
Knaan Koosh, our CTO, and I bring a wealth of experience and a deep understanding of the challenges associated with research. Having worked together in the past, we both encountered the same issue: existing GenAI research tools lack the depth and process needed to replicate traditional know-how and best practices for "deep research" projects.
Our science, research, and technology backgrounds have equipped us with a fundamental understanding of the research process. We have studied the science behind research methodologies, cognitive load optimization, and short/long-term memory capabilities, which have been instrumental in designing Upword.
Our product is built on a solid foundation of proven academic research mechanisms, guaranteeing support for rigorous and thorough research practices. By implementing these principles into Upword, we offer a tool that harnesses advanced AI while upholding the processes of traditional research.
What will the money coming in from the round be used for?
The funds from our recent investment round will be used for further research and development, expanding our team, enhancing marketing efforts, and scaling our operations to meet growing demand. This investment will help us continue to innovate and refine our product to better serve our users.
In the "Startup Boarding Pass" section, CTech will cover the (relatively) small investments made in companies during the early stages of their existence - and the entrepreneurs and startups who have not yet had the opportunity to reveal their stories to the world. Please use the linked form and fill it out according to the guidelines. This form is intended for startups raising between $500,000 and $3 million from venture capital funds, angels, or official grants from Israeli and foreign institutions. If relevant, someone at CTech will be in touch for follow-up questions.
