Artificial intelligence (AI) startup company Accern successfully raised $13 million in the recent Series A investment round. The funding was led by Fusion Fund.
Apart from Fusion Fund, Forbes reports that other investors also participated in the said Series A funding round, including Allianz Life Ventures, Mighty Capital, Vetcr Fintech Partners, and Viaduct Ventures. Moreover, two angel investors from the previous round also provide a cash infusion to the startup firm.
According to Accern’s chief executive officer, Kumesh Aroomoogan, the company plans to earmark part of the said amount to boost the company’s code-free artificial intelligence platform.
Through their new round of funding, the company hopes for more businesses to leverage the capabilities and power of AI to streamline company tasks and operations, notes Forbes.
Furthermore, the team has expressed optimism that they will be able to cater to a wider range of customers and businesses in sectors such as asset management, banking, fintech, and insurance.
In a press release, Aroomoogan said, “Organizations could lose customers, financial gains and their reputations when they are lagging behind on technology innovation. Accern enables enterprises to increase efficiency by deploying our AI solutions at scale with our no-code AI platform.”
In a statement, Aroomoogan said, “What we’re able to do now is bring these easy to use, no-code platforms that even business analysts can actually use to build AI solutions as quickly as data scientists.”
Currently, the company utilizes AI-powered language processing and predictive analytics for its code-free platform. With this technology, Accern successfully generates a suite of workflow automation and risk management solutions designed for a variety of concerns.
Through the firm’s developments, Accern is able to go into a variety of industries, such as credit lending, financial crimes, and investment research. Forbes states that with its AI-powered platform, the company has the ability to monitor public news in real-time, which could be useful for investment firms.
To generate funding, Accern offers three different plans to corporations that businesses can use to process anywhere from up to 100,000 pages to over half a million pages per month.
“The platform can relate these news back to the companies and let them know that ‘hey, this news is actually very negative towards your company,’ or ‘hey, your supplier got hit with a major natural disaster event and you might want to be aware of that,” shares Aroomoogan.
Among the artificial intelligence startup’s clients are leading organizations such as Allianz, IBM, and Jefferies, as well as Google and Microsoft.