Digital Reasoning, an artificial intelligence (AI) leader that understands human behaviors and intentions, recently unveiled that it had raised $30 million in new financing round.
The round included new participants such as Square Capital and Barclays as well as existing ones like HCA, Lemhi Ventures, Goldman Sachs, the Partnership Fund for New York City and Nasdaq.
BNP Paribas was in charge of leading the round. In addition, BNP Paribas’ global head of strategic investments, global markets joined the board of directors of Digital Reasoning.
The AI platform created by Digital Reasoning analyzes unstructured communications data in a bid to point out compliance failings, deliver insights on future customer interactions, and add context to human conversations.
Created in 2000, the company ventured into the financial market in 2012 with several clients such as Point72 Asset Management and UBS. These companies use Digital Reasoning’s Synthesys technology in scanning internal emails to locate unfamiliar patterns between workers.
Furthermore, previous investors in the company include companies like Credit Suisse and organizations such as the Central Intelligence Agency (CIA).
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Brett Jackson, Digital Reasoning’s chief executive officer, said that global financial institutions are shifting their attention to artificial intelligence (AI) to help them in spearheading a digital transformation in a bid to boost efficiencies and revenues.
He added that the accuracy and speed of Digital Reasoning’s AI platform convert large volumes of unstructured and structured data about clients, competitors, and employees into vital business insights that humans can understand.
Brett also expressed his company’s excitement in partnering with BNP Paraiba’s and other customers and investors in a bid to assist them in reshaping their enterprises.
According to Digital Reasoning, funds raised in the new round of financing would be utilized in expanding its product selection for both wealth management and capital markets. The money would also be used in developing technology intended for natural language processing, speech analytics, expanding its go-to-market capacity and machine education.
The founder and president of Digital Reasoning, Tim Estes said the new investment would help the firm use its patented and novel AI technology to convert all forms of communication including both voice and audio data into actionable, understandable and discoverable insights.
In turn, the ideas would aid in expediting client-centric data plans in the largest enterprises in the world. He also acknowledged BNP Paribas’ role in leading the financing round as well as new investors like Square Capital and Barclays for supporting Digital Reasoning’s vision.
Oliver Osty, head of global markets at BNP Paribas, noted that BNP Paribas’ investment into Digital Reasoning was in line with its 2020 digital transformation plan.
The strategy is based on advancing the use of analytics and data, reinventing the company’s client experience and boosting its operating efficiency. Also, Oliver Osty, highlighted the excitement of BNP Paribas for having spearheaded Digital Reasoning’s recent round of financing and joining its list of partners.
In addition, he mentioned that the recent partnership between the two companies amplified BNP Paribas’ dedication to innovative technology as well as harnessing it in an attempt to give its customers better services.