The North Texas Angel Network (NTAN) announced that one of its portfolio startups, Austin-based Responsum, has been acquired by Elixirr, a global consulting firm.
Responsum developed a generative AI and natural language processing platform to help organizations unlock productivity, NTAN said. Financial terms of the acquisition were not disclosed.
“We’re excited to be part of Responsum’s journey and quick exit,” Ichan Stall, NTAN Co-Chairman and the due-diligence lead, said in a statement. “It was a joy to partner with a company involved in solutions around Generative AI and machine learning. Steve Steinberg and Adam Hofmann, the co-founders, were wonderful to work with and enabled us to have a smooth due-diligence process, ultimately leading NTAN members to invest in Responsum.”
Three NTAN members had invested $20,000 in Responsum’s overall $1.5 M seed round.
“Plugging into the NTAN network enabled us to make important connections with customers and other investors, propelling our startup forward at a critical moment in our growth,” Responsum CEO Steinberg said in a statement.
More on Responsum’s platform
Responsum’s platform enables enterprises to quickly prototype, test, and deploy generative AI solutions that leverage internal files, data, and APIs to drive measurable productivity gains without sacrificing security, NTAN said.
The platform has been used to increase the productivity of sales teams, boosting the accuracy and speed of underwriters, transforming how research analysts review and assess company performance, and streamline access to important company knowledge across all departments, NTAN said.
“Responsum established a relationship with NTAN in 2022, and it was compelling to see how our investors supported Responsum as they continued to grow and work to complete their seed round,” NTAN Executive Director Jeff Murphy said in a statement. “Experiencing an exit in less than a year was a thrill for all. This deal and exit are what angel investing is all about.”
Since 2008, the North Texas Angel Network has connected early-stage companies with angel investors to help private investors make private deals with private companies.
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