Artificial intelligence (AI) is big business at the moment and as well as implementing it into businesses, many firms are investing heavily in it too. Fintech startup Elsen has just announced that it’s raised $2.4 million in a funding round led by Hyperplane Venture Capital. And following that large investment, it also welcomes Hyperplane’s managing partner Jack Klinck to the table as Chairman of the company’s board of directors.
Since Elsen began in 2014, it’s raised a total of $2.9 in funding. These funds will be used to boost the company’s sales and marketing efforts and to inject more quality data into its platform-as-a-service. Data is a valuable asset. The problem is extracting quality data from a huge minefield of unstructured data. But, that’s where AI comes to the rescue.
“Financial services firms run on decades-old technology because of the industry’s conservative mature and the potential downtime and risks of migrating to new systems. But with digital transformation being a top priority across industries, financial institutions are running out of time and have to adapt now,” said Klinck.
“Investment professionals simply need better ways to access and use data, and that’s exactly what Elsen delivers. Its unique platform-as-a-service provides instant access to premium financial datasets, proprietary technology to analyze it at unbelievable speeds, and the tools to create a user experience that’s simple for anyone.”
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The Elsen nPlatform is AI at its best. It gives financial institutions the freedom to build their own applications to analyze data quickly and accurately. This platform allows users access to thousands of datasets. Every time new data is added, it’s instantly available for all entitled users. Customers can also upload their own datasets too if they prefer.
Elsen’s technology uses a custom programming language along with AI to enable automation among data, saving company’s large amounts of time in the process. It also helps its customers discover things they never would have known otherwise.
The company’s already caused quite a stir among the industry (in a good way). So far it’s managed to rack up several awards including, “Best Tech Innovation of the Year” at the 2017 Massachusetts Innovation & Technology Exchange (MITX) Awards and “Innovative Tech of the Year: Financial” at the 2017 Mass Technology Leadership (MassTLC) Awards.